Should I Rent My House If It Doesn't Sell?

 

IF you have had your home on the market for sale without success, you may be tempted to rent your house.  While this is a possible solution for some people, for many it is simply more trouble than they are looking for.  If you find yourself in this situation you might ask yourself "Am I ready to be a landlord?"

Before you rent your home you should answer these questions to be sure you are making the right decision:

1. What will you do if your tenant tells you they cannot pay the rent this month because of other obligations or unexpected expenses?

2. Have you spoken with any attorneys who handle evictions to get a sense of the cost and time involved in evicting a tenant:

3. Will you allow pets?  Cats? Dogs? How many?  How big?

4. How do you plan to actually collect the rent?  In person or by mail?

5. When repairs to the property are necessary who should the tenant call?  Will you be the one doing the repairs?

6. If you are not going to be doing the repairs do you have a list of reliable contractors who can handle these for you?

7. How often will you conduct a physical inspection of the property?

8. Will you advise your current neighbors that you will be renting the property?

9.  Renting your home can be hard for owners when they have a significant personal 'relationship' to the home. (i.e. the only home my children have ever known, my parents home, our home that we put our heart and soul into remodeling, etc) These are particularly hard to rent if the owners cannot stand to see their home not cared for in the way they would care for it.

If you are purchasing a home specifically as a rental, there are no personal memories or feelings in this home, but a previous homestead property may create angst between you and your tenant if they are not as clean as you are, or they may have a pup that digs up those beautiful flower bulbs you and your son, daughter, Mother planted with you. These feeling may play a big role in your comfort level regarding  turning your homestead into a rental. 

Renting out residential property can be a great investment.  However, it does come with challenges.  Be sure that you are renting for the right reasons.........that you want to own an investment property, not that you are hoping to realize a higher sale price in the future by postponing the sale now.

Have questions, or need more detailed advice?  Contact me.  I will be glad to help.

Bethanne Baer

REALTOR - Keller Williams At The Parks

407-228-1112