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What policies must I set in place before accepting my first renter?

I'm new to renting and want to make sure I've covered all my bases before taking my first guest.

Asked By: Mike

Tags: Legal New to Renting

1 Answers

Mike

You should definitely establish everything surrounding payment policies before you start. You have to figure out, if nothing else, how you want to handle deposits, payment structures and cancellation policies
 
Other policies to consider will vary more on your specific home. Typical policies relate to pets, a minimum stay period, whether and where smoking is allowed, and age requirements.
 
Noise laws and parking are also good to outline beforehand--this will help you smooth things over with your neighbors.