Becoming a Landlord? What to Know

Preparing your home for rent
can be a full-time job.

Spring and early summer is the time to get your home ready to sell; but if you can’t sell, and yet you have to move, you may be in the difficult scenario in which you are forced to become a landlord. If you are in this position, you are not alone. The Equifax Finance Blog gives some great tips this month on getting your home ready to rent out in the recent article, “Preparing to Rent Your Home.”

Get insurance coverage – Switch your homeowner’s insurance to landlord’s insurance to protect you from damage and protect against financial loss.

Prepare your home – Get the property in tip-top shape to beat out your competition; be sure all major systems (like heating, roofing, electrical, etc.) are in proper working condition and document the condition of each area of your home before a tenant moves in.

Know the tax rules - Learn how about being a landlord will impact your taxes; you will receive write-offs on the property, but will also have to count the rent as income; so know the rules. Consult a tax professional for full details.