When a job requires you to temporarily move to a new city or when you decide to have an extended vacation, subletting your home to a new tenant is a good way to earn money while you are away. This is also a great solution to residents who are short in cash or simply have a spare room in their homes.
Tenants who needs to move out before their leasing terms end can also sublet their units for new tenants. With the landlord's consent, the new tenant can move in and use the remaining period of the lease and avoid a breach of contract with the landlord.
Subletting is a great way to earn some money away from home. It provides you with a fixed monthly income without much work or hassle after the initial process. However, subletting your home also entails a lot of responsibilities and cautious nitpicking in choosing your new tenant in the beginning steps.
Before putting pushing with the subletting, remember to ask for the landlord's consent to ensure that you are not breaking any agreement in your leasing contract. This step is to avoid any potential arguments or legal actions in the future with your landlord.
Don't rush to put a "For Rent" sign up. First ask around your current social, work and family circles, whether anyone of them would like to join you, or if they know someone that would. This way, you will avoid the possible danger of a total stranger living with you.
If such a set-up is not possible, ensure that you do a careful background check on all possible tenants to ensure safety and a smooth process. Ask for character references that you can contact or previous landlords before giving out the keys to your unit.
Remember to determine how much monthly rent should be charged and the amount of security deposit to be required for the new tenant. Establish policies about pets, smoking, utilities and other provisions prior to moving in and out everything on paper as this step will allow a total understanding of any agreements prior to the new tenant moving in.
Make sure that both you and the new tenant settle on the agreements and have him or her sign the document. If possible, involve the landlord on deciding on the new tenant.
Tenants who needs to move out before their leasing terms end can also sublet their units for new tenants. With the landlord's consent, the new tenant can move in and use the remaining period of the lease and avoid a breach of contract with the landlord.
Subletting is a great way to earn some money away from home. It provides you with a fixed monthly income without much work or hassle after the initial process. However, subletting your home also entails a lot of responsibilities and cautious nitpicking in choosing your new tenant in the beginning steps.
Before putting pushing with the subletting, remember to ask for the landlord's consent to ensure that you are not breaking any agreement in your leasing contract. This step is to avoid any potential arguments or legal actions in the future with your landlord.
Don't rush to put a "For Rent" sign up. First ask around your current social, work and family circles, whether anyone of them would like to join you, or if they know someone that would. This way, you will avoid the possible danger of a total stranger living with you.
If such a set-up is not possible, ensure that you do a careful background check on all possible tenants to ensure safety and a smooth process. Ask for character references that you can contact or previous landlords before giving out the keys to your unit.
Remember to determine how much monthly rent should be charged and the amount of security deposit to be required for the new tenant. Establish policies about pets, smoking, utilities and other provisions prior to moving in and out everything on paper as this step will allow a total understanding of any agreements prior to the new tenant moving in.
Make sure that both you and the new tenant settle on the agreements and have him or her sign the document. If possible, involve the landlord on deciding on the new tenant.
About the Author:
The author has been providing advice about property sublets for the previous four years. Additionally, the individual loves writing on New York City neighborhoods, like Tudor City apartments and Inwood real estate.
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