Should I rent my House

If you are having a hard time selling your house or you had to make an unexpected move then renting your house may be an option you are considering. If you are considering renting your house here are few things to keep in mind:

• Time frame – The most common lease duration is twelve months. Most renters are accustomed to that timeframe and will have the expectation that the initial lease term will be twelve months. Past twelve months some landlords go month-to-month while others require the tenant to sign a new twelve-month lease. If you are only planning on renting your house for a short time then a six-month lease or a month-to-month lease may be a better option for you. It’s important to take into consideration that most tenants are looking for a house they can rent for two to four years, by only offering a month-to-month or six month term you will limit the number of applicants that will be interested in your property.
• Condition of the property – If your house is in condition to sell today and you are considering renting your house it is important to realize that you will have some work to do when the tenant finishes their term in the house. Depending on your success with the tenant the work required could be as little as touch up paint and cleaning, if your luck with a tenant is not so good the damage and required repair could be much more extensive.
• Eviction – Eviction is a reality that most landlords will face at one time or another. In the state of Oklahoma an eviction can take up to thirty days from notice to the landlord re-gaining possession. Oklahoma is a landlord friendly state however re-gaining possession is often times not the most difficult part of the process, repairing the damage done by an evicted tenant is often the most time consuming and expensive process. For a new landlord the possibility of eviction and all the negative outcomes should be evaluated and given thought as a possible downside to renting your property.
• Lease – Leases can be obtained from the Oklahoma Real Estate Commission website located here. Leases are standard in nature however it is important that you capture all of the individuals that will be living in the house and clearly state the time frame and the agreed upon rental rate.
• Run the numbers – It’s important to run the number and evaluate the expense and cash flow involved in renting a property versus a reduction in price to realize a faster sell. Run the numbers under a number of scenarios and make sure you are comfortable with the potential outcomes prior to renting the house. It’s important not to let short-term emotion get in the way of what will be a long-term decision.