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Want to Rent Out Your Chicago Home?

Jul 2, 2022 | Industry News

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Maybe you have an in-law apartment not currently in use, or perhaps you’ve purchased a new home and you’re thinking about renting your current one out. Whatever you situation, becoming a landlord is a big decision. If you’re just starting to think about taking that step, here are some things to keep in mind:

 

Understand the Requirements

Start by getting familiar with the legal and tax requirements of renting out your home (or a portion of it). If you only plan to rent out some of the space in your home, you should verify that it's a legal apartment for you to rent. Make sure you’ve done your due diligence early on in the process, so that you can address any challenges before getting too far in.

 

Create a Budget for Updates

If you’re planning to rent out a space for the first time, you’ll probably want to give it an update. This could be anything from a fresh coat of paint and a deep cleaning to a complete remodel. Whatever your plans, create a budget and then stick to it. If your budget is smaller, just map out what you can afford and prioritize whatever is most important first. If you’re planning a larger renovation, think about your timeline as well as your budget, so that your home will be ready to rent when you want it to be.

 

Have a Written Lease

You should always use a written lease. Some landlords write their own leases while others use templates. You might find that you start with a template and modify it to meet your needs. Even if you’ll only be renting month-to-month, it’s still wise to have all your paperwork in order to protect yourself.

 

Screen the Potential Renters

When it’s time to find your tenant, it’s important to take the time to screen your applicants thoroughly. Many landlords check credit scores, perform background checks, and contact references. It can seem like a lot of extra work, but it’s worth it in the long run to have a renter that you feel confident with.

 

Renting out your home (or some of it) can be a helpful addition to your income. These tips will give you a good idea of what it takes to do that successfully.

 

If you’d like to talk more about renting out your home, or if there’s something else we can be of assistance with, please reach out to us. We’re always happy to help.

 
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