Subletting your living space is a good way to make extra cash while you are gone for an extended period of time.
Most simply put, subletting is letting someone else stay at your property for a set period of time without signing onto a full contract. Most sublet situations are beneficial for both parties — someone needs a place to stay for a short period of time while the other person needs to be away for a short period of time.
Let’s say for example that you are a college student who is taking a trip abroad for six months. You just recently renewed your apartment lease for a year however. So, by becoming a subletter, you’re allowing someone else to pay the rent and live in your place while you are gone, but still keep the main lease in your name for when you get back.
Subletting allows for an extra form of income and somebody to help with the everyday expenses of the house, condo or apartment. But subletting also comes with a risk — you take responsibility for whoever moves into your place. So when subletting, be sure to remember these three tips to make sure you don’t get burned.
Make Sure You Can Sublet
Subletting may or may not be allowed in your contract. It’s extremely important to check with your current landlord or property management company to see if your current lease allows someone else to move in. If it’s not covered in the lease, talk with them to see if there is anything you can do — depending on the situation, the may be able to work with you.
Carefully Draw Up a Contract
The contract is extremely important to a successful sublet. When subletting, you are taking complete responsibility for whatever the person moving in does. Remember to include all details, especially what they can and can’t do. Most contracts do not allow for modifications of the property of any sort — furniture, paint or hardware.
It may be beneficial to find a sample contract online or have yours looked over by either a lawyer or someone who is familiar with residential housing contracts. You do not want to return home from a extended trip or work assignment to find your house in disarray with lots of stress to boot. Taking photos ahead of time and setting clear guidelines from the beginning is a good way to protect yourself and your property.
Decide Whether or Not to Put Belongings in Storage
A storage unit is a better place for your personal belongings, rather than in your home with a stranger.
Most sublet agreements state that all furniture will stay for the short term tenant to use. Trying to rent a place short term that is not fully furnished can be a difficult thing to do, which is why we think you’ll find better results if you rent it with everything included. But, that doesn’t mean the new tenant should have access to all of your personal belongings.
While you’ll let them use the bed, couch and even shower mats in the bathroom, all your personal items like clothes, personal electronics and other valuables should be removed. It’s best to leave those items in a storage unit or a U-Box® Storage Container so that those items are safe and secure. A storage unit also allows for climate controlled storage — which, when thinking about fragile artwork or personal electronics, is extremely important. When it comes down to it, having your items in storage will give you the ultimate peace of mind, so that you can focus on your short term work project and not worry about everything at home.
For more tips visit your go- to source for college moving or this Pinterest board.
Have you ever sublet your apartment? Any tips or tricks that we missed? Let us know in the comments below.
