Renting out your home: four simple steps to get things ready

Planning to rent out your home? If so, here’s a brief guide to ensure you don’t forget any essential to-dos.

1. Renovate, repair and refresh
Before putting your house up for rent, determine what renovations you should complete. Make sure the walls are freshly painted, the appliances up to date and all cracks and leaks are sealed and caulked. You’ll also want to do a deep clean of the house.

2. Remove items you want to keep
If you’re renting out a furnished home, remove all valuables and any belongings you don’t want your tenants to use.

3. Collect evidence of your home’s condition
Document the home’s condition by taking pictures—you’ll use these to determine if the house is still in good shape when the renters move out.

4. Notify the appropriate people
Keep in mind that you’ll need to notify your mortgage and insurance companies before renting out your house as well as invest in landlords’ insurance.

Though potentially lucrative, being responsible for a property you don’t inhabit yourself is no small undertaking. In addition to the practical steps above, make sure you mentally prepare for all that’s involved with becoming a landlord.