Questions to Ask BEFORE RENTING Your Home
Are you pondering whether to rent your house instead of selling it? You should answer the following questions to determine if this is the right choice for you and your family.
1. INSURANCE LIABILITY - Have you talked with your insurance agent about the possibility of increased premiums since liability is greater in a non-owner occupied home?
2. PETS - Will you allow pets? Dogs - how large? Cats? On a case-by-case basis?
3. REPAIRS - Who will take calls from tenants when repairs are needed?
4. REPAIR PERSONS - Do you have a list of repair persons (plumber, electrician, HVAC, Handypersons, etc.) readily accessible to handle these repairs?
5. INSPECTIONS - How often will you perform a physical inspection of the property?
6. RENT COLLECTIONS - How will you collect the rent? ACH automatic withdrawal? By mail? Face to face?
7. NON PAYMENT OF RENT - How will you respond if your tenant informs you that due to unforeseen obligations they can't afford to pay the rent this month?
8. EVICTIONS - Have you retained an experienced evictions attorney in case the need arises?
These questions are just a few things to seriously consider.
BOTTOM LINE .... If you decide that renting out your property is the right choice for you, keep in mind that being a landlord has its challenges and you must be prepared for challenges in advance.
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