If you are in the military and are facing an upcoming deployment, you could be thinking about renting out your home while you're gone. After all, this can be a good way to get the money that you need in order to cover your monthly mortgage payments while you aren't living in your home. However, you could be a bit unsure of how well things will go. These are a few tips that can help you ensure that you have a positive experience when renting your home out while you're deployed.
1. Make Sure the Home is in Good Condition First
First of all, even though you might have a long list of things to do before you are deployed, you're going to want to make sure that the home is in good shape. If you take care of any repairs and issues now, you can help prevent them from causing you problems when you might be thousands of miles away.
2. Choose the Right Tenants
It's always important to choose the right tenants for a rental property, but it becomes especially important when you're going to be deployed. After all, you will not be able to keep an eye on your property yourself, so you're probably going to want to find tenants who you can trust to take good care of your property while you're away.
3. Hire a Property Manager
Many landlords find that hiring a property management service is a better idea than handling their rentals on their own. This can be particularly true when you're going to be deployed. By hiring a property manager, you'll have someone who can collect payments, handle maintenance and repair requests, check on your home and more while you're gone. This can protect you and make your life a whole lot easier.
4. Check Your Homeowners Insurance Policy
Make sure that you check your homeowners insurance policy. You may have to make some changes to it if you aren't going to be the one living in it. It's critical to make sure that there are no problems with your policy so that you'll know that your home is protected while you're away.
5. Determine How You'll Be Paid
Of course, you're probably looking forward to the monthly rental checks from renting out your home while you're deployed. This means that you'll need to figure out how you'll get paid, since you will not be there to physically collect rent yourself. For example, you may want to have the money transferred from the tenants' bank account directly into your own bank account each month.
As you can see, there are a few different things that you will want to focus on if you're going to be renting your home out while you're deployed. By focusing on these things, you can help ensure that you have a good experience when renting your home out, and you can help ensure that you have minimal stress related to your house when you're already going to be in a potentially stressful situation.