So You Think You Want To Rent

1) Check your condo or HOA documents to find out the rules of renting in your community.
a. What is the minimum rental allowed and how many times can you rent annually?
b. Is there an application process, what is the fee, does the renter need to be interviewed?
c. Are renters allowed pets?

2) Ascertain that your home insurance policy includes sufficient liability coverage in case of accidents and will cover your property in the event you rent it out.

3) Palm Beach County requires that all rentals less than 6 months charge a tourist and sales tax of 11% in addition to the monthly rental. Check with your accountant as to how to handle reporting this income.

4) How renter ready are you?
a. Are you prepared to empty the closets, dressers, and empty kitchen cupboards? All foodstuffs other than spices must be stored or thrown away.
b. Do you have flatware, glassware, and dishes that are matching, not chipped and sufficient, i.e. for a 2 bedroom condo one would need to have place settings for 6 people? Also pots and pans for cooking that are not blackened by use.
c. How are your linens?
i. At a minimum each bedroom must have two sets of sheets for each bed. New linens are best each year. Mattress pads should be changed out each season.
Duvets and or comforters must be dry cleaned and without spots before each rental.
ii. For each renter there needs to be two set of towels which includes bath, hand and face cloth. Preferably they match and are not threadbare.
iii. Pillows should be non allergenic and have pillow covers, there should be two per person and please check the condition of them prior to renting.
d. Are your window treatments in working condition? Can the blinds be raised and lowered, are the verticals all there, can the drapes be closed for privacy?
e. Do the remote controls for the TV, DVR, Ceiling Fans work, have sufficient battery life, easy to use?
i. At a minimum most renters wish to have a TV in the Living area and one for each bedroom.
f. All appliances should have a maintenance contract; this will save you money in the end and be less of a headache for the tenant.
g. If you have upholstered furniture please check for stains and have them removed
h. Also clean those carpets! If you have scatter rugs make sure there is slide protection so your renter does not slip and fall.
i. Do not leave valuable decorative items or personal mementoes in the property
j. Use one of your closets as an “owner’s closet” to store those items, your clothing etc. Make sure it locks and you are the only owner of the key. Renters are curious.
k. Last but not least your home must be professionally cleaned prior to move in by the tenant. It will be their responsibility to do the same when the lease is over.

5) Make sure you take photos of the contents of the property prior to renting this will be a document that you can refer to in case of damage by the tenant.

6) In the lease be very clear as to the responsibilities of the tenant during the lease period: visitors, maintenance of the property, community requirements.

7) Be sure to get all monies up front from the tenant, should the tenant change their mind about the rental period you are covered and can discuss alternatives rather than have the tenant leave in the middle of the rental period.

Last but not least, should you want to take the worry out of this process use the expertise of a Realtor. They are trained and have the experience to guide you through the steps of renting and make sure you get maximum exposure for your property.

Hopefully this blog has been helpful in making your decision.