Renting London Homes to Pay Bills and Travel

Besides locking up your personal belongings – likely something that's top of mind for a first-timer renting out their home – there are several more steps to successfully rent out your home.

Glossbrenner's top tips: 1. Be very careful about occupancy. Ask yourself questions like: Number of beds? How many cars can be parked? How many people can sit around the table? Do you have adequate room for people to store their stuff? "Don't assume you have to pack them in," she said. "You can choose to rent only to couples and not to singles. You set the rules."

2. Collect a damage deposit and make sure people understand the house rules. "It's customary collect refundable damage deposit," Glossbrenner said. "It's your main recourse if the guests don't follow the house rules."

3. Get everything in writing, but don't go overboard. "Newbies tend to try and include every single possible scenario, but it's much more important to have a short agreement that people will actually read." Most important to include are cancellation rules, deposit, rules pertaining to smoking and pets, and the condition you expect the house to be in when the guests leave.

4. Have a phone call. "If you're turning over an asset, you need to establish a personal connection, and that's only possible through a phone conversation. I've had conversations with potential renters and we've come to the agreement that it's not right for them. It has to work for everyone."

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