Do you own your home? Are you thinking of renting out your home when you PCS?
We’ve pulled together a few tips to make renting out your home a bit easier.
First, decide if you want to do everything yourself or hire someone to manage your property. A property manager can assist you with a lot of the questions you may have with renting out your home. When deciding whether to use a property manager or not, take into consideration the location of your next duty station; how you plan on handling repair requests; how you plan on addressing non-payment of rent. A hired property manager can be a great asset but keep in mind, a property manager will charge you around 10% of the rental amount each month. They may also charge you additional fees when renting to a new tenant.
Should you decide to hire a property manager, you should still try to be as informed as possible.
Know the market in your area. Study the competition. Look at houses in surrounding neighborhoods and compare the rents. Visit them and see the condition of the properties. Knowing your competition will help you determine a fair and reasonable rental rate.
Think about prepping your house before renting. You want to make your home inviting and desirable to prospective renters. Your house should be clean, freshly painted in neutral colors (just because your daughter wanted her room electric green doesn’t mean the next tenant does) and not in need of any major repairs. Don’t worry too much about putting in high-cost finishes, unless they can significantly add to the rent.
If you are not using a property manager, you will need to produce a lease agreement. It will be up to you to ensure you meet all local and federal laws, including Fair Housing Laws.
Once your house is ready to be rented, you have to advertise. For Service member – landlords, your installation Navy Housing Service Center (HSC) can assist you in marketing your home to incoming personnel at your installation. HOMES.mil is a DOD-sponsored website to find community housing for Service members and their families. You can find more information online at www.cnic.navy.mil/HOMES. The HSC can also assist you with putting your property online.
Good luck on your PCS!