Planning to make some extra money by renting your house out? That is a good idea, mainly because you would not get fair market value if your try to sell your property. Millions of people are doing the same however not all of them are successful. Renting a house or a room in your house can be profitable only if you know how to manage it properly. Benefits of Renting Out a House Renting out your house means large steady income. Typically, a house will rent a lot more than an apartment. Despite this, many families, professionals and students prefer rental houses because they offer more space. You can also choose to use your home as a vacation home. Don't forget about the tax advantages that may come along with renting out your house. Any tools, supplies and services you purchase for the house can be a deduction to your tax. Preparing to Rent Out your Property It is important to prepare all necessary paper works before you begin so you won't have any issues in the future. Make your business is legal by consulting the business registry offices and following their instructions. Then, prepare the contracts that you will have your tenants sign when they rent your house. Also consult a lawyer to examine the possible discrepancies. From home owner to a Landlord If you should decide to start renting out your property, you have to shift your mindset from being a home owner to a landlord/ landlady. As a landlord you have to deal with lots of responsibilities and challenges. You need to take care of the maintenance costs including regular painting, lawn care and snow removal. You also have to attend to all the questions and services your tenants may need if you want them to stick around for a long time. Before signing out the contract, be sure to skim through it with your tenant. Be clear with whatever your conditions may have upon the rental. These conditions shall include payment preference, house chores and other services.