Should You Really Rent Out Your Home

Should You Really Rent Out Your Home

With real estate prices on the up and up, buying a home now could be a great investment. That being said, a new trend is developing where buyers choose to rent out their previous homes rather than sell them. Many are able to refinance and charge more in rent than their monthly mortgage payment. If you can more or less have someone else pay your mortgage for the time being, why not right?

Well, if you don’t have any interest in becoming an educated property investor, you could find yourself in a pickle down the road. Are you really ready to be a landlord? Before you buy that new house you’ve had your eye on and rent out the one you’re living in now, ask yourself the following questions:
1.  Will you let neighbors know you are renting the house out? How will you handle a neighbor complaining about your tenant?
2.  How will you handle your tenant telling you he or she can’t afford this month’s rent? Have you talked to an eviction attorney in case you are faced with a situation where you need to do so?
3.  Will you allow pets? Will you have pet restrictions? Who will pay for any damages related to the pet?
4.  How will you collect rent? What method(s) of payment will you accept?
5.  Who will perform maintenance repairs? Do you have the funds to pay for necessary repairs? 

And these just scratch the surface. As I said above, renting out real estate can really be a great investment. But, it also comes with its fair share of challenges. Before you move in a tenant, make sure you are committed and have decided to rent for investment purposes, not just because you are hoping to add a few extra dollars to your wallet. As always, be sure to talk to a realtor who can properly advise you during this transition.

(Photo via: 
http://www.55places.com/blog/wp-content/uploads/Financing.jpg)


Richard Drummond (Broker-Agent) Headshot
Author:
Phone: 240-988-8100
Dated: April 29th 2014
Views: 1,885
About Richard: A native Washingtonian and licensed real estate agent for more than 25 years, Richard is the princip...

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