{"id":18653,"date":"2025-08-28T04:00:23","date_gmt":"2025-08-28T11:00:23","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=18653"},"modified":"2025-08-29T16:56:14","modified_gmt":"2025-08-29T23:56:14","slug":"buyer-how-to-rent-your-house","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/buyer-how-to-rent-your-house\/","title":{"rendered":"How to Successfully Rent Your House: A Step-by-Step Guide"},"content":{"rendered":"

Whether you\u2019re considering becoming a landlord because you have some extra space, because you want passive income from a duplex, or because you just don\u2019t want to deal with selling your old house quite yet, real estate may look like a sound investment to you. Before you take the plunge, it\u2019s important to educate yourself about the process and how it works. Here\u2019s a step-by-step guide on how to rent your house.<\/p>\n

At its simplest, you put your money down on a place, rent it out, and collect a monthly check. But experienced investors will tell you that there\u2019s a lot more to becoming successful as a landlord in real estate.<\/p>\n

Coleen Dearing<\/a> completes 31% more sales than the average agent in Santa Fe, New Mexico<\/a>. Much of her business consists of investors buying properties to rent until they retire.<\/p>\n

\u201cOwning rental property is a business, and it has to be approached as a business investment,\u201d she says. \u201cYou have to have the right personality to do it; it\u2019s not for people who are not risk-tolerant.\u201d<\/p>\n

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Work With a Top Agent to Buy Rental Property<\/h3>\n

If you’re looking to buy property with an eye toward renting it out, working with a top buyer’s agent can help in finding the perfect rental home.<\/p>\n \n

\n Find Agent<\/a>\n <\/div>\n <\/div>\n<\/div>\n\n
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Step 1: Assess your rental situation<\/h2>\n

Before deciding to jump into renting, assess your potential rental situation<\/a>.<\/p>\n

If you have a spare bedroom, maybe you\u2019re thinking of listing it on Airbnb or finding a roommate. This could lead to a loss of privacy if you have to share a kitchen or bathroom. The short-term renter or roommate could have different standards of cleanliness and appropriate noise levels, or they might come and go at odd hours. Before attempting this route, be honest about your tolerance levels when living with strangers.<\/p>\n

In a duplex or multifamily unit, you\u2019ll have more privacy, but you\u2019ll still share some spaces. Your bedroom wall may be next to a tenant\u2019s loud television, or they could park on your side of the driveway. Buying a rental home entirely separate from your living situation is the most expensive (but often the least annoying) option for landlords.<\/p>\n

If you already own the house you\u2019re planning on renting, you\u2019ll want to make sure your mortgage loan and insurance are set up for a non-owner-occupant to live in the house \u2014 and change them if they aren\u2019t.<\/p>\n

Next, consider what type of rental you want the property to be. Short-term, or long-term<\/a>? Whether you\u2019re renting a room or a property can influence this decision \u2026 along with the amount of cash you\u2019ll need to start as an investor.<\/p>\n

Maybe you just want to rent out the spare bedroom in your house or list your vacation home on Vrbo to make some extra money. Or, maybe you own a separate property and are more interested in a long-term rental agreement. Each comes with its pros and cons.<\/p>\n

Pros and cons of short-term vs long-term rental models<\/h3>\n\n\n\n\n\n
<\/td>\nPros<\/strong><\/td>\nCons<\/strong><\/td>\n<\/tr>\n
Short-term rental<\/strong><\/td>\n\n\n
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  • You\u2019ll have to clean the property more often.<\/li>\n
  • If you live in a touristy area, it may be tough to find renters in the off-season.<\/li>\n
  • You\u2019re competing against nearby hotels, resorts, and other rentals in the area.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
Long-term rental<\/strong><\/td>\n\n
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  • You\u2019ll have a consistent second source of income (as long as the property is rented).<\/li>\n
  • The responsibilities of the utilities are passed on to the renters.<\/li>\n
  • You can partner with a professional property manager who will screen potential renters, adhere to rental laws, and handle home repairs and maintenance<\/a>.<\/li>\n<\/ul>\n<\/td>\n
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