Renting Your Home After a Military Move: Tips

Renting your home after a military move can be a big decision. The following tips can help you through the process of renting your home after a military move. Knowing the laws of the state, working with a professional management company and working with a good real estate professional can make renting a home to someone easier. Here's what you need to know.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Ask Yourself: Are You Prepared to Be a Landlord?

Being a landlord isn't easy, but it can be especially difficult for anyone living far away from the house they're renting. For a military service member who is trying to decide if they're ready to rent a home to someone, they should ask themselves following questions:

• What will I do when something in the house breaks down?
• Am I able to dedicate the time to property ownership?
• What are the rental rates in the area, and will rental rates cover the cost of the mortgage?
• Is the profit the house would make as a rental home worth the trouble of being a landlord?

Some military service members are ready for the challenge of being a landlord, but not all are. Asking these questions and exploring the answers can help military service members decide whether they are up to the challenge of managing a property.

Know the State Laws

Landlords must adhere to state laws regarding tenant rights, because landlords who do not can be fined or sued. Before renting their home to any tenant, it's important for the property owner to familiarize themselves with state laws. Sometimes the easiest way to become familiar with these laws is to consult with a lawyer, as they should be able to help the property owner write the lease that tenants will sign and can answer the property owner's questions.

Other ways to find out the state laws that property owners must adhere to include reading the laws on state agency websites and consulting with people from state housing agencies.

Find a Property Management Company

Anyone who is a landlord from a long-distance away will likely want to work with a reputable property management company, as this makes it easier to manage maintenance problems. A good property management company can make basic repairs, check in on tenants when something is wrong, and take care of the property when it sits empty.

Working with a good property management company enables the landlord to rent the house from a distance without regularly traveling back to the house to make basic repairs or check up on the structure. When looking for a property management company, it's important to shop around, check rates with different companies, and interview people from different companies to help the property owner choose the best company for their needs.

Check With Your Mortgage Company

In some cases, homeowners can rent their home without refinancing their house. Under the right circumstances, VA loans will allow homeowners to rent their property to a tenant if they've lived in the house before vacating it. However, before renting their property to anyone, homeowners must check with their mortgage holder to ensure that property rental is an acceptable option. If the mortgage company doesn't allow the homeowner to rent their home under the current mortgage, the homeowner may need to refinance their house to get a different mortgage.

Prepare the House for Renters

Renters expect the house they live in to be well-maintained and comfortable. Before the house can be rented for a good price, any deferred maintenance must be managed. Preparing the house for renters usually involves fixing any problems with the HVAC system, plumbing and electrical. The house must be free from roof leaks, drainage problems and other maintenance issues that could make the home less hospitable or unsafe for potential renters.

Work with a Real Estate Professional

If you're in the military and have recently decided to rent your Woodmoor home to a tenant, the best thing you can do is align yourself with a real estate professional. A real estate agent who understands the rental market can help you rent your home to a tenant. Additionally, after talking to a real estate agent, you may decide that it makes more sense to sell. Work with a real estate agent to decide which option is right for you.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.