Renting Out Your Home

Full Video Transcript

If you've decided to rent your home, you should take important steps to protect both your home and your financial interested in it. Of course, the first step is to find the right tenant. To do so, it is usually recommended that prospective tenants complete a rental application and undergo a credit check. However, you should be aware of how you can legally use that information, specifically that you can't illegally discriminate against an applicant. Once you have found the right tenant, it's important to enter into a written lease that specifically describes the terms of the rental as well as both your and the tenant's responsibilities. For example, the lease should explain who is responsible for maintenance of the unit, whether a tenant may have pets, when the rent is due, and when the lease term expires, among other things. As the landlord, you must comply with local housing codes and provide a habitable home for tenants. If both parties understand and follow the rules of the lease, then renting your home can be a good experience for the landlord and the tenants. Good luck.

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