Jennifer Fitze, Realtor, Keller Williams American Premier Realty
Direct: 443-504-7830, Office: 443-512-0090, Website: www.JenSellsMD.com
There has been a lot written about how buying a home is less expensive than renting one in most parts of the country. Rents are rising and homes are still at great, super low prices. These two situations are also causing sellers to consider renting their home instead of selling it. After all, a homeowner can get great rental income now and perhaps wait until house values increase even further before selling.
This makes sense in some cases. However, if you have no desire to actually become an investor, you may be headed for more trouble than you were looking for.
Before renting your home, you should answer the following questions to make sure this is the right course of action for you.
10 Questions to Ask BEFORE Renting Your Home
1.) How will you respond if your tenant says they can't afford to pay the rent this month because of more pressing obligations?
2.) How will you qualify a potential tenant? Background check? Credit Report?
3.) Have you interviewed a few eviction attorneys in case a challenge does arise?
4.) Have you talked to your insurance company about a possible increase in premiums as liability is greater in a non-owner occupied home?
5.) Will you allow pets? Cats? Dogs? Smokers?
6.) How will you actually collect the rent? By mail? In person? Automated payments?
7.) Repairs are part of being a landlord. Will you be handling the tenant calls directly? Is there is dollar amount that the tenant will be responsible for before they are to contact you?
8.) Do you have a handyman to handle the repairs?
9.) Will you inspect the property? How often?
10.) Will you let you neighbors know you are renting the home?
Bottom Line
Again, renting out your home can be a great investment. However, it is not without its challenges. Make sure you have decided to rent the house because you want to be an investor, not because you are hoping to get a few extra dollars by postponing a sale.
For more information regarding renting your home, details on the complete process, costs associated with renting, leases/applications...contact me directy at 443-504-7830. I'd be happy to answer all of your questions!!!
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