Should You Rent Your Home?
Thinking of renting your home? Where do you start?
It's a lot to consider. If you've always wanted to have an income producing property it would probably benefit you more. However, there are pro's and con's to consider.
*One pro could be limited supply and demand which could net you a good ROI
*One con would be vacancy and loss. If you don't own the property free and clear it could leave you making two mortgage payments.
Although these are a couple of things to consider it should not be a deal breaker on whether or not you should rent your home.
If you have limited to no experience contact a few property management companies to help you get started.
Also, get the house in shape, including interior and exterior painting and patching, carpet cleaning, appliance tune-up, ensuring adequate insulation, and fixing what needs fixing.
A property management company can research prices in your area, or you can look in the real estate section of your Sunday paper.
It’s not essential to hire a property manager, but it can make life a lot easier, especially if you move out of the area. Interview at least three companies. Ask about accreditation, customer service, references, tenant screening, experience, vacancy rates, maintenance, monthly reporting, handling evictions, insurance, fee structure, and inspection of the property.