Homes have sentimental values especially if it's the first residential property a family has lived in for many years. This is one of the reasons why many homeowners don't easily let go of their homes even after buying a new one. Sometimes, too, professionals have to be transferred to another area because of their jobs but still want to keep their home. In these cases, renting out your home may be the best option.

Leasing your property is ideal if it's located in a safe and central area, it is in good condition and the mortgage is cheap or already paid off. But while it is true that renting out your extra property can give you and your family extra income, it also entails huge responsibilities.

It is recommended then for homeowners to assess their situation very well first before pursuing this option. Some of the questions you can ask yourself pertain to whether is it worth holding on to the property, how would you feel about dealing with strangers and your ability to properly manage the rental property while still having a day job. Keep in mind that apart from maintaining this rental business, you as a landlord are also required by law to provide a safe home to your tenants by making sure that everything is functioning as well as to advertise the property, choose tenants and evict them if necessary.

Consider also the financial side of the business. Calculate the total cost of maintaining the place and that includes mortgage payments, utilities, maintenance, repairs and professional services such as taxes, property management and hiring a legal consultant. Estimate properly your rent price and be sure to make it competitive so you won't have difficulty attracting tenants.

Of course, you will also have to decide whether to rent your place furnished or unfurnished. If you're leaving your furniture and other appliances, expect them to wear or get damaged through time but if you want to rent out your home unfurnished, you will need to store your stuff in a safe storage place.

One of the most challenging tasks that you should also take into consideration is the screening of potential tenants. Experts warn against using your personal judgment when selecting your renters. Instead, they recommend using an application form created with the help of a fair-housing attorney that tenants should fill up. The form should ask for the applicant's full identity, rental history and credit standing. Once submitted to you, verify all the references they provide and other vital information to be sure that they are of good character with no criminal record.

Maintenance of the property is also important. If you're not the handyman type, then better establish a good relationship with an electrician, plumber and a carpenter whom you can trust and call to do repairs even at short notice. These people will be of great help to you during unexpected times. Additionally, keeping your property in tip top shape will be much appreciated by your tenants as they can see that you're investing their rental payments well and that you're not just concerned with money matters.

There are many other things that you will have to consider before deciding to rent out your home so just take it one step at a time.