The decision to rent or sell your home is not to be taken lightly and can depend on many factors including your finances, relocation opportunities, and the housing market of your region.
If you need to relocate quickly for a new job opportunity, want to wait out the housing market for a better estimated price on your home, or simply can’t part with a home you love and are considering renters then there are several things you need to know.
You need to understand that making a profit off of renting your house right now isn’t going to be as easy as it once was. Taking on tenants is a risk just like any other business option. Having good tenants will mean only paying for basic upkeep on your home just as if you were living there yourself. Having tenants that take poor care of your home means you will shell out more money for the upkeep.
There are ways to ease the financial burden on you that you can consider as well. Don’t simply expect them to make your mortgage payments. You should consider whether or not tenants are going to be paying for utilities, garbage and water fees, etc. You should also consider figuring in annual taxes and minor upkeep as well into the payments while still expecting a reasonable payment from a tenant for the location and benefits your home has to offer them.