Leasing Your Home and Property Management
Not ready to sell your home yet, but need or want to move? Why not consider property management as an option! Renting your home is a great way to hold onto your home longer, generate income, and help pay off your mortgage. If you are not ready to sell your home for any reason, property management is a great opportunity for you to explore. Kimberly Howell Properties runs a property management division and are more than willing to help anyone who wants to look into leasing out their home. You can list your home with a REALTOR® and manage it on your own or have a property manager deal with the management as well. There are a lot of options and ways to go when renting your home so examine them closely and choose the right course for your personal situation.
Here are some things to think about before renting your home:
- Have a REALTOR® or property manager run a CMA (Comparative Market Analysis) to find out how much the home can be rented for. This can help you determine whether you want to rent the property at all and should be one of the first steps. Kimberly Howell Properties can provide this service to you, as well as give you a full analysis on leasing versus selling your home.
- Bring your home up to Texas Property Code. If you are going to have tenants living in your home, there are specific laws about locks, alarms, and smoke detectors (just to name a few). Make sure everything is brought up to code before the tenants move in. If you use a property manager they should be able to set all this up for you.
- Re-key the home. While the landlord or property manager can have a copy of a house key, the doors do need to be re-keyed for a new tenant. Once again, if you use a property manager they should be able to set all this up for you.
- Talk with a property management company. Property management is surprisingly affordable when renting your home. Using a property manager like Kimberly Howell Properties can decrease your liability greatly. Property managers know the laws when it comes to writing a lease, running an application, and leasing the home throughout the lease term. While it does cost money, the money you spend will help alleviate your personal headaches and help protect you and your investment by being sure the law is being followed and everything is done properly.
Renting a home can be a huge benefit when it is handled properly and within the Texas Property Code. If you ever have any questions regarding the process of property management or what it takes to rent your property please feel free to contact us.
image courtesy of roland