Being a homeowner in Beverly Hills is a luxury very few people can afford. Hence, as the time to sell your home approaches, you are likely to feel stuck when you can’t find a buyer despite continuous efforts. In such situations, the best thing to do is to put your home up for lease!
If you’re leasing your home in Beverly Hills for the first time, you will feel overwhelmed at first. Follow our step-by-step guide to understand how to lease your home and protect your property at the same time.
Step 1: Prepare Yourself
The idea of leasing your home may not be too pleasing in the beginning. If you are attached to your property, being a landlord will not be an easy job. So before you move forward with leasing, prepare yourself to hand over your house to someone else. You can do so by talking to friends or family members who rented their homes, and learn from their experiences. Alongside this, you must also:
- Consider the benefits and drawbacks of leasing your home
- Know the obligations that apply to you as a landlord
- Educate yourself about the legalities of leasing a property
- Check if you have enough budget to pay for necessary repairs
Step 2: Prepare Your Home
Most residents in Beverly Hills are looking for rental housing because of the increasing costs of buying a property. This has resulted in a huge market competition for rented properties. Since rental homes are available in abundance now, the tenants have become picky about details. You must, therefore, prepare your house in a way that it appeals to your target market. Some of the ways to make your home stand out include:
- Re-painting your walls with neutral colors
- De-cluttering the living spaces and remove any valuable items that belong to you
- Getting a pre-lease maintenance check done and repair anything that needs fixing
- Sweeping your floors, clean the windows, and spray for any insects or pests
- Checking all the electrical appliances
Step 3: Determine the Rent
When deciding how much to charge for rent, ask around to see the average rent rates in your area. You should also consult online resources or newspapers to set up a market-competitive rent charge. Don’t be too harsh or too lenient: the rent may be lower than your mortgage payment, but a regular and decent rent will be worth it.
Step 4: Find a Good Tenant
There are many ways of finding tenants. However, the most effective way is to hire a real estate company that has knowledge of the local market. The company will not only market your home but also carry out the tenant’s background checks and manage the legal processes. Ensure that you check for any criminal history, credit reports, and recommendations from their previous landlords (if any).
Step 5: Protect Your Property
Make sure that you have a detailed written lease that clearly outlines the obligations and rights of each party. Ideally, it should spell out as many things as possible to avoid conflicts in the future. Don’t forget to protect your property using the correct insurance policy. The policy that applies to a property on lease is different than the one that is your primary residence, so check with the insurance company to understand the new terms of the policy.
For more details or for current listing, please see our Beverly Hills real estate information page here
More Advice for Property Owners
- What to Expect in a Luxury Property Manager
- How to Spot Rental Scam Listings
- 5 Tips to Marketing a Luxury Lease Home or Vacation Property
- The Pros and Cons of Renting a Home with Friends
- What are the COVID 19 Rules for Landlords in California?
- Leasing Your Hollywood Hills Home or Estate
- Can I Lease a Luxury Home in Malibu?
- 3 Reasons to be Optimistic About Real Estate in 2021