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Renting Your Home Out: What You Need to Know

Your home is one of the most important pieces of property that you own. The value is higher than most other possessions, while sentimental value alone will make your home priceless. When we have to move, sometimes selling our home is a difficult choice to make. We want to hold onto the home rather than sell it, even if we can’t live in it anymore.

Even if you don’t want to sell your home, the house doesn’t have to sit empty. Many home owners choose to turn their home into a rental. Houses for rent in Charleston aren’t cheap. The iconic, tourist town with sandy beaches and history galore is the perfect place to own a rental home. People are moving to Charleston every day and more families are looking to rent homes. The earnings potential can be tremendous from rent collection. There are some things property owners must know before making the decision to become a landlord and offer houses for rent in Charleston.

  1. Legalities-Houses for rent in Charleston have to adhere to strict laws and guidelines if they are going to be rented to someone. There are rules to eviction, late rent collection, disclosure to the tenant, landlord access to property while occupied, and many other ordinances that must be followed.
  2. Availability- Landlords need to ensure that tenants can get ahold of them 24/7. This doesn’t mean that you are mandated to answer your phone each and every time a tenant calls, however, tenants need to know how and who to reach in the case of a maintenance emergency. Setting up an after-hours call service and keeping regular office hours is a necessity for landlords.
  3. Maintenance-Being a landlord is a very hands on career. Depending on the lease, you may be responsible for doing a lot or very little for your tenant, however most renters expect for major repairs to be covered by and handled quickly by the landlord.

Being a landlord isn’t for everyone. Houses for rent in Charleston can be managed by outside companies from the property owner. A property management company, like Scott Properties  can ensure that all laws are known and followed, you have a thorough lease, and all of your responsibilities are taken care of professionally.