Actually, there are lots of different reasons, for example, a very expensive cost of moving, housing crisis, to rent out a house instead of selling it. There are some very useful advice here which, in fact, will help you to rent out your home quickly.
First of all, you should decide what the cost you would like to get for renting out the house. And if you have mortgage payments, calculate the sum you need to cover them and compare to the costs. Moreover, find out the price of the identical homes to make the cost enough reasonable. And in addition, think about some rental commission to your agent, the monthly mortgage expenses and as well the charge of keeping the house if it will need any repairing and so on. By the way, remember that you’ll have to keep two houses simultaneously.
Secondly, address to an agent or try to rent the home yourself. If you are too busy, taking an agent is, in fact, the best variant for you, because he/she will help you to find an occupant, do all the official procedures and deal with the payment for you. However, the agency, of course, will take a fee up to 15% of monthly payment and sometimes it asks for an occupant’s fee. You should be very carefully while checking charges and certify there aren’t any concealed additional contracts, for example, landlord payments, inventories and so on.
The third step is to speak to the mortgage lender because very often people rent out their homes without notifying their lender. However, all renters should inform their lender about all changes which concern your property. And as a result, it’s better for you to ask a permission to rent out the house. When you asking permission, you should give details why you want to rent out the home.
Your next step is to study buy-to-let rules, for example, the laws for landlords. This is chiefly important if the lender declares you can rent out your house on the identical mortgage rate but it will convey you to a buy-to-let loan. Moreover, these rules include such aspects as, for example, gas and fire, electricity and etc.
And one more detail is to be insured. As a matter of fact, you will need landlord insurance. One more very good insurance is one that covers the rental fee if such situation if tenants failure to pay.