How To Rent Out A Mobile Home - Proceed Smartly, With Caution
The cost of moving a mobile home from one mobile home Park to another can sometimes be overly high. Unbeknownst to many manufactured home owners, you can nowadays become a landlord even from miles away. Plus there is no big difference between renting out a mobile home and renting out another real estate property. Renting your mobile home would be the smartest choice if for instance, you were to move to another location only to return some few years later. In times when you don’t want to completely let go, renting out your mobile home will ensure that you still have ownership rights until when ready to let go. Below are tips you can borrow on how to rent out a mobile home.
Beware Of Park Rules
In case your manufactured home isn’t sitting on your own property or land, it is always a wise idea to familiarize yourself with the park rules your mobile home is lying on. There has to be a set of rules governing a decent park. It will also be of importance to let the tenants know of the laid down rules and regulations. The importance of knowing the park rules is to avoid instances where the tenant was evicted from the park, with the mobile home. Also find tenants who are able to obey the rental agreements, in especially instances where the yards must be taken care of, the tenants should be in a position to comply.
Insure Your Property
Mobile homes are more prone to destruction by heavy storms, hurricanes, and other high winds in comparison to conventional homes. Insure your property against any form of disaster since we can never be too prepared. Once you are covered, let the tenants also get renters insurance, this would come in handy in times where the disaster was to befall. You as the mobile home owner would have a peace of mind because of the reduced likelihood of paying for damaged property. It can also be worthwhile to storm-proof your mobile home by anchoring it on a more stable foundation, that’s if the park it sits on allows you to.
Know Your Rights
You have just become a landlord or would want to be one, you are better off equipped with sufficient knowledge of your rights and those of your tenant. You can find this information readily available on the internet. This is the most important aspect when it comes to renting out your mobile home. The contract you sign with your tenants may not be of much essence if you don’t have this knowledge at the back of your mind. A lawyer would come in handy in explaining and shielding you against law suits.
Calculate the Costs
You need to ensure that the investment is worth the efforts and that it makes sense to have such an investment. You also must ensure that your efforts are worth the profit you will end up making. Any form of investment requires that you properly assess all the major factors that are involved towards the success of the same. This will help you decide on what you will be charging for rent, the cost of partly helping maintain the mobile home, pay for the park and other costs. In so doing you can decide on whether to sell or rent out.
Getting a Tenant
Now that you have all the basics in place, where do you get a tenant for your mobile home? There are various options for you in this case. You can use property agencies or mobile home parks, which would then be responsible for finding tenants for you and remitting the proceeds from your mobile home at the end of every month. The internet can also be a great source of information as well as an advertising platform for you, especially if your mobile home sits on private land. in case you decide to get a tenant by yourself, be sure to cross-check their background just to be sure you’re dealing with a straightforward individual that you can trust with your property.
It’s important that you give out the written lease. This is because renting out your mobile home is just the same with renting a house. It also doesn’t matter what form of housing you own or live in, you must know your rights, whether a landlord or a tenant.
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