A Guide To Sublet Housing | Buy and Sell Properties | Elite Properties NY

A Guide To Sublet Housing

Sublet Housing
By Elite Properties January 13, 2021

There are many reasons or circumstances when people choose to sublet their house, building, or room. If you’ve signed a one year tenant agreement but you get a good opportunity just after six months in another state for a job, what’d you do? Moving out will be the only option. Renting your apartment to a subtenant will save you a lot of money. You can also opt for breaking the contract but you might have to pay a price for it. If you are unaware of the term “subletting” and want to learn more about it we’ve got your back. Here’s ‘A Guide To Sublet Housing’ you must know before you sublet your house.

What Is Subletting?

To put it in simple words subletting or sublease is where a tenant rents out their apartment/room/building to another person while it’s still on the lease. In terms of subletting the primary tenant is known as the sublessor and the new tenant is known as the sublessee. Subletting only works when everything is in coalition with the state and municipal laws. Before proceeding with subletting make sure to follow every protocol.

Steps On How To Sublet?

  • Make Sure You Are Authorized to Sublet Your House

As said above, subletting an apartment works when you have authorization from places like the state and the municipal laws. You might also need permission from the landlord before commencing to sublet. It can be extremely difficult and confusing as laws vary from state to state. If you are planning to sublet your house/apartment make sure to go through your lease and rental agreement. There might be a clause stating if you may or may not do subletting. Often landlords avoid keeping subtenants. Although, if it is not mentioned in the clause beforehand make sure you ask them about it. If your landlord refuses to sublet even after having permission from legal authorities, you can file a case against him/her in the court. Besides, if you have the consent from all departments then make sure you get it writing. 

  • Verify Your Renter’s Insurance Company

Renters insurance covers all the unexpected expenses that come with uncertainty. In incidents/events like theft, break-in, or natural catastrophes a renter may not be able to pay expenses from their pocket. Before moving forward with subletting verify your renter’s insurance provider to see if the coverage extends to subtenants. If the insurance doesn’t extend you’ll have to remove your belongings to avoid paying for the damage caused by the subtenant.

  • Create Ads And Posts To Market Your Sublet

Ads are the most eye-catching way to get more people to see/use your service. Use advertisements to your advantage and design ads that elaborate more about your apartment. Tell about every detail like the neighborhood, hangout places, roommates (if you have any), etc. This will attract potential subtenants. It is also essential to keep the ad to the point, a vague ad with unclear description may appear as spam to prospects. 

  • Screen Potential Subtenants

When you get enough offers in hand for your house/apartment you can schedule walkthroughs or open showings. Post that, you can create a document for the potential subtenants to run and verify background checks. You can also screen them through call or by meeting them in person and ensure they don’t have any criminal history or evictions in the past.

  • Sign a Sublet Agreement

Once you have the assurance and are satisfied with the subtenant, you can make them sign the sublet agreement. You can find suitable sublet templates online and customize them as per your preference. You may also ask for a little help/suggestion from your landlord to alter the agreement.

Final Thoughts

If you are looking to sublet your house then these steps would help you make the process a lot easier. Besides, if you want to sell your house you can get in touch with Elite Properties and we’ll help you sell your house fast for cash. Call us today at 718-977-5462 to learn more about our hassle-free home selling process.

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