Renting your property

Has anyone rented their property before?

We are still deciding on SC versus NY and we were thinking of renting the house.

What do we need to do other than get a lease?

Do they need insurance or does the homeowner's insurnce cover it?

If we decide we want to move into the house how would we break the lease?

I am really nervous about the possibility of someone else living there, but we have someone interested and I want to make sure if we go that way everything is in order.

Re: Renting your property

You definitely have to let your insurance company now it is now non-owner occupied (rental) or else they will deny your claim if you have to make one. Your homeowners insurance will go up.

Re: Renting your property

You should also strongly recommend to your renters that they obtain renters insurance as I believe your insurance will only cover the structure and not their contents should something happen.


ETA: They should be a standard clause in the lease about them leaving and the amount of notice that must be given by either party (if they leave voluntarily or if you want them out).

Message edited 4/24/2011 8:08:06 PM.

Re: Renting your property

Re: Renting your property

Funny, I just went to update my post about my own problems with renting my house.

Be sure to look into the local law for South Carolina to make sure you're in compliance.

Fortunately for you, I hear other states' laws aren't as pro tenant as New York.

I agree with everything else said. I'll also add - based on my recent problem - to spell out clearly in the lease that security is NOT to be used for last or any month's rent.

Make sure you spell out who is responsible for things like snow removal, landscaping, etc.

Sounds like because of your situation you need to go month to month. I only have a year of experience, but I personally like the idea of not being locked in anyway. We were having problems with our tenant and we were about to give them their 30 days notice to vacate when they beat us to it. We wouldn't have had that kind of flexibility with a lease.

Re: Renting your property

Do they need insurance or does the homeowner's insurance cover it?

You need to maintain homeowner insurance.

The renter is responsible for their own belonging and should get renters insurance. Make sure this is in a lease agreeement.

But renters insurance would not cover if there was a flood for example (like a roof leaking, storm, etc..). YOU would be responsible for possible damage to their property.


If we decide we want to move into the house how would we break the lease?

You need to write the clause in the lease agreement. I would think a MINIMUM of 30 days notice.