When we inherit a house, we also receive an opportunity. Why not turn that legacy into a source of income? Today, we will explore the key steps to renting out an inherited home in an effective and profitable way.

Foto de casa heredada en alquiler

1. Objectively Evaluate the Property

Before looking for tenants, evaluate the property with a critical eye. Does it need repairs? Is it in good condition? Make the necessary improvements to attract quality tenants. Here are some aspects to consider when renting an inherited home:

  • Structure and Functionality: Examine the house’s structure, from the foundation to the roof. Are there structural problems like cracks or leaks? Make sure everything works correctly, from the plumbing to the electrical systems.
  • Aesthetics and Presentation: First impressions count. Improve the house’s appearance by painting the walls, tidying up the yard, and doing a deep clean. An attractive exterior and a well-maintained interior will attract prospective tenants.
  • Security: Verify the property’s security. Are there adequate locks on doors and windows? Do the alarm systems work? Tenants look for a safe place to live.

2. Communication: The Key to Success

Talking to the heirs is fundamental. Share your plans and listen to their opinions. If there are multiple heirs, establish clear communication to avoid conflicts. Here are some guidelines for effective communication:

  • Family Meetings: Organize family meetings to discuss the property. Listen to the concerns and expectations of all the heirs. Reach a consensus on the rental.
  • Legal Documentation: Consult a lawyer to ensure that all heirs agree with the rental process. Document everything in writing to avoid future misunderstandings.

3. Unexpected Expenses: Be Prepared

An inherited house comes with expenses. Property tax (IBI), homeowners’ association fees, home insurance…Prepare for these outlays and maintain an emergency fund. Here are more details on the expenses:

  • IBI (Real Estate Tax): This local tax is based on the property’s cadastral value. Find out how much you need to pay annually.
  • Homeowners’ Association: If the house is in a community, you must contribute to common expenses. Find out about the fees and extraordinary assessments.
  • Home Insurance: Protect the property against damage caused by fires, floods, or other events. Compare different policies to find the best option.

These expenses are very important when renting out your inherited home.

4. The Rental Agreement: Protect Your Interests

A solid contract is essential. Define the rental conditions, the responsibilities of both parties, and maintenance clauses. You will avoid unpleasant surprises. Here are key elements to include in the contract for renting an inherited home:

  • Rental Price: Set a fair price based on the market and location.
  • Contract Duration: Decide whether it will be a short-term or long-term contract.
  • Tenant Responsibilities: Specify who will be in charge of minor repairs and general maintenance.

5. Regular Maintenance: Relationship with Tenants

Once the tenants move in, maintain a good relationship. Respond to their repair requests and conduct regular inspections. A satisfied tenant is a tenant who takes care of the property. Here are some recommended practices:

  • Open Communication: Establish communication channels so tenants can inform you about any issues. Respond quickly to their inquiries and concerns. Mutual trust is essential.
  • Periodic Inspections: Conduct regular inspections of the property. This allows you to detect problems before they turn into major headaches. Check the condition of the facilities, common areas, and any visible damage.
  • Preventive Maintenance: Don’t wait for tenants to report all problems. Perform preventive maintenance, such as checking the plumbing, electrical systems, and appliances. A small adjustment now can prevent costly repairs in the future.
  • Occasional Upgrades: If the inherited house is several years old, consider making occasional upgrades. Painting the walls, changing fixtures, or renovating the kitchen can increase the property’s appeal and justify a higher rent.

Once all these steps have been completed, your inherited house will be ready to rent.

6. Marketing and Tenant Search

Once the house is ready, it’s time to find tenants to rent your inherited home. Here are some marketing strategies:

  • Online Ads: Post ads on online rental platforms like Idealista, Fotocasa, or Airbnb. Provide attractive photos and a detailed description of the property.
  • Social Media: Share the news with your contacts on social media. Someone might be looking for a house just like yours.
  • Local Signs: Place signs in strategic locations near the property. Be sure to include contact information.
  • Real Estate Agent: Consider hiring a real estate agent to help you find tenants. They have market experience and can filter candidates.

7. Legal Documentation and Rental Agreement

When you find interested tenants, be sure to follow the legal steps:

  • Background Check: Conduct a background check to assess the tenants’ solvency and suitability.
  • Rental Agreement: Draft a clear and comprehensive rental agreement. Include the agreed-upon details, such as the rental price, contract duration, and the responsibilities of both parties.
  • Security Deposit: Request a security deposit equivalent to one month’s rent. This protects your interests in case of damages or non-payment.

8. Follow-up and Adaptation

Once the tenants move in, maintain regular follow-up. Listen to their feedback and adapt as needed. Always seek to improve the tenant’s experience and maintain a positive relationship.

Inmopolt has professionals who will help you with all the steps to rent out your inherited home in the best way and with the best profitability.