Subletting your house gives you an opportunity to make extra money off your house or apartment. It can also cut down the pressure of paying your rent and bills especially when you do it correctly.
Before we walk you through some tips that will guide you through subletting your house successfully, let us take a quick look at some of the important things you should know about subletting.
1. What is Subletting?
Subletting is the process of allowing someone rent all or part of a house or other building that you are renting from someone else.
2. Subletting is Not Restricted to Rented Apartments
You can also sublet a building or part of a building when you allow someone to use it and you take rent from them, although you are not the owner of the property and pay rent for it yourself.
3. Who is a Sublessor?
A sublessor is a person who rents a space from a landlord and then rents out the same space to another renter. An example of a sublessor is a Nigerian who rents her apartment to someone for 3 months while she (the main renter) travels to the UK. As a tenant who sublets a property, you are the sublessor
4. Who is a Sublessee?
A sublessee is sublessee is someone who holds a lease, which was given to another person for all or part of a property. An example of a sublessee is a Nigerian who has the lease for a 4 bedroom apartment that is already being leased by another party.
Now that you know what subletting is and how it applies to apartments and houses, do you need to sublet your apartment? Below are several things that you should know and tips that will guide you before you allow someone move into an already rented apartment.
5. Does Your Lease Allow For Subletting?
Before you sublet your apartment or house, it is important that you confirm that your lease allows you to legally do this. Quite a number of leases do not allow for subletting and this is solely based on the discretion of the landlord.
In a situation where your lease does not allow for subletting, you can discuss your special circumstance with your landlord who has the power to review your lease to allow for subletting.
If your lease does not mention whether it allows for subletting or not, you still need to discuss this with your landlord with the hope of getting his/her approval to allow you sublet your space.
6. Are You Aware of the Process?
If you are fortunate to have a lease that allows you to sublet your apartment or house, you still need to follow the provisions and due process by informing your landlord before it happens.
Your landlord has to know that you are subletting before it happens and he/she has to approve it. You should also consider letting your neighbours know that you are subletting your space. This way, they know about the change in your lease so that they can let you know if they notice anything out of the ordinary happening within or around your house or apartment.
7. How Do You Find Potential Sublessees?