How do you rent out for your Danbury,CT area townhome?

Real Estate Agent with William Pitt Sotheby's International Realty CT RES.0783448

Becoming a landlord is a big step in the property ladder in your life. As a landlord, you are reasonable for providing adequate shelter for someone that is going to be paying you a good amount of money each month to live in your property. There are steps to guide from being just a traditional owner to becoming a landlord.

-To start, you have to own a property or purchase a townhome as investment. If you were to purchase strictly as an investment property, most of the banks do require a 25% or higher down payment. If you were to purchase a traditional mortgage for owner occupied, you have to promise that you would live in the home as your main residence for at least one year.

-The next step you be securing a new place to live if the property was your primary residence. If you are moving locally or out of the area, I can be of assistance with that.We can talk about the home buying process.

-Then we need to decide to figure out when your property will be available for a new person to move in. Generally speaking, most tenants would be looking to move in on the 1st or the 15th of the month. If there are any repairs or cleaning that has to be done prior to you or your current tenant vacating the home, plan for some time for that to offer.

-We need to decide on setting an asking price for your property. I will provide to you a last of properties that have rented in your neighborhood or similar homes in the area. Keep in mind as a landlord, you are responsibly for paying for your mortgage, HOA dues and property taxes. Budget for keeping utilities on in between tenants, any possible vacancies and any future upgrades and on-going maintenance.

-We would then market the property. I generally recommend about 30-45 days out for the expected vacancy date, perhaps a little bit longer if it is a toward the higher end of the market. I'd have do the photos for the marketing of your home. The listing appears on all sorts of websites, on the MLS among other ways so prospective tenants are made aware of your homes availability.

-Showings will happen. There will be lockbox on the front door of your home-i will need to a key for that. Yourself our your tenant should not be home when an agent comes to show. We can discuss when would be a good time for showings and  how much notice you would need. 

-Obtain offer and process application. This includes how much they would want to pay for your home, information about the tenants income , credit report & references. Most of the time, up front I have a discussion with landlords as to what their minimum credit score they will take-regardless of anything else.It is better to keep the property empty rather than take an applicant that may not seem ideal.  

-The next thing would be do prepare a lease. This is one of important thing you have to protect yourself. I would be happy send you previous leases other client shave used in the past if you do not have a lease & we can make any changes as needed.. I recommend all of my landlord clients have their attorney draw a lease. This spells out everything,payment, maintenance, late fees, etc, so it's very important to a solid document.

-Funds are collected, information is exchanged and there is a final walk-through before you hand over the keys. most of the time, tenants like to use electronic funds transfer rather than sending out a check.  In addition, you will need to complete a form to update your condo association as well as provide the rules & regulations of your community to the tenant.

Are you ready to lease your property out? Contact us today for information on starting the process in the Greater Danbury & Candlewood Lake area of Connecticut. I look forward to helping you. 

Posted by

Jonathan Hall-Realtor Serving Greater Danbury & Candlewood Lake with William Pitt Sotheby's International Realty
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This information is provided by Jonathan Hall,Realtor  with William Pitt Sotheby's International Realty in the Greater Danbury & Candlewood Region of CT. For additional information, please call him at 203-417-0523,203-796-7700X305 or email me at . Unless indicated, all content is the property of Jonathan Hall. If you would like to use any of this information, please contact me for permission. He is a licensed CT Salesperson License #RES.0783448 with William Pitt Real Estate LLC License # REB.0751698. His office is located at 112 Federal Road,Danbury CT 06811.


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Jonathan Hall

Realtor - Danbury,CT Area Real Estate~203-417-0523
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