Spokane, Washington is a special place. The state's second-largest city is a hub for business, culture, and the U.S. Air Force. There are plenty of jobs, gorgeous scenery, and things to do.
With so much to offer, it's no wonder people fall in love with Spokane - which also makes it the perfect place to own property.
Are you wondering how to rent out your house in Spokane?
If you're considering renting out your property, here's how to do it.
How to Rent Out Your House
If the idea of renting out your house sounds intimidating, don't worry, it doesn't have to be. Simply follow these steps to prepare your home for rent.
Decide if It's Right for You
First, you need to decide if renting is right for you. While the idea of extra money each month sounds appealing, it's not always an easy decision to make. This is especially true if the home has sentimental value, which is often the case when it comes to an inherited home.
Any property is going to require maintenance, both regular maintenance and major repairs. These issues could include issues as simple as lawn maintenance, or they could be as complicated as fixing a roof or replacing a furnace.
Set a Budget
If you're still looking to rent your property, you need to set a budget. Here are some things you need to consider when budgeting:
- Desired rent
- Mortgage payments
- Homeowner and other insurance
- Property taxes
- Cleaning costs and upgrades
- Repairs and maintenance
You may also want to take this time to speak to an insurance agent about the types of insurance you will need for your property.
Don't forget to research your neighborhood and price your rental accordingly. In Spokane, the average rent cost is $1,191 a month. However, that cost is going to vary depending on the area.
Make a Property Management Plan
What is your property management plan? When something goes wrong, what happens next?
Maybe your tenant has locked themselves out during a long holiday weekend. Perhaps a tenant reports seeing mice.
When issues like these happen, you will be the first one they call. Is that something you want to deal with? Can you? If you're not local to the area or don't have the time, hiring a property manager to attend to issues makes sense.
Have a Lease Written Up
While online lease templates exist, you shouldn't rely solely on them. Talk to a lawyer and have a lease written up.
A lease should include details such as:
- Rental property inspections (how often and when)
- Security deposit amount
- Rent and late fee amount
- Pet policy
- Repair and maintenance policy
- Terms of the tenancy
- Limits on occupancy
Remember, a lease is a legal contract, so make sure you work with someone who understands property law. These are just the basic details every lease should have.
Again, a property manager with leasing services experience can help.
Find and Screen Tenants
Now you have to market your property so you can find and screen tenants. Your rental listing should include a detailed written description and high-quality photos. Let potential renters know what amenities you offer, if you allow pets, and any other vital details.
Work With an Experienced Property Management Company
These steps will help you decide how to rent out your house. If you're unsure of the process, or simply need some help with property management, HomeRiver Group can help. We offer a variety of management and leasing services for the Spokane area.
Send us a message and let us know how we can help.