You may wonder what to do with your home if you have to leave it for some time due to reasons like moving out of state temporarily, taking an extended vacation, or relocating for a new job. One option you can decide on is subletting your home to a new tenant.
Rather than selling, many people find subletting their homes a suitable solution under these circumstances. Subletting is a temporary option that will allow you some time to make a final decision on what to do with your property.
If you decide to sublet your home instead of sell it, the property remains under your ownership and you can do what you want with it when you move back in later. You do not need to worry about equities since the new tenant will be the one responsible for your payments.
Local regulations in your area, if there is any may affect your plan to sublet your home. You can verify this by consulting with your local city officials or you may register as a landlord if regulations call for it.
Gather as much information as you can regarding rental prices for similar properties in the same location. You can set the rental price for your home based on this information.
Carefully make a background check on anybody who may sublet your home to ensure their character reliability. Doing so will reduce, if not eliminate, the possibility of encountering problems in the course of your subletting.
Keep and maintain an accurate record of payments and of repairs made to your property to avoid any confusion in the future. Whenever you enter the property, be sure to inform the tenant each time and always remember to respect their privacy.
It is equally important to maintain open and constant communication with your tenant. This will allow you to resolve any problems early on before they widen and become difficult to handle.