Rents are skyrocketing and homes are still at great prices. These two situations are also causing some 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 logic makes sense in some cases. However, if you have no desire to actually become an educated investor in this sector, you may be headed for more trouble than you were looking for. Ask yourself the following questions:
1.) How will you respond if your tenant says they can’t afford to pay the rent this month because of more pressing obligations? (This happens most often during holiday season and back-to-school time when families with children have extra expenses).
2.) Because of the economy, many homeowners can no longer make their mortgage payment. What percent of tenants do you think can no longer afford to pay their rent?
3.) Have you interviewed a few experienced 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? How big a dog?
6.) How will you actually collect the rent? By mail? In person?
7.) Repairs are part of being a landlord. Who will take tenant calls when necessary repairs arise?
8.) Do you have a list of craftspeople readily available to handle these repairs?
9.) How often will you do a physical inspection of the property?
10.) Will you alert your current neighbors that you are renting the house?
Ingrid is a results oriented Realtor offering her clients the best experience buying or selling a home. She always work in the best of their interests with a personal approach, respecting their goals, challenges and time frame desired for their home sale, home purchase, investment or relocation for a complete satisfaction.
As a CDPE (short sale expert) and Global Property Specialist, Ingrid offers home sellers the highest marketing exposure by widely advertising their property from the smallest neighborhood perimeter to foreign countries in 20 languages.
Her clients benefit from her outstanding real estate expertise and effective home value analysis to locate, negotiate, purchase a home at the right price or to sell one for the highest price in a timely manner.
You will find that Ingrid is a valuable Realtor and partner engaged to your side to provide you outstanding services and results.
Read her clients testimonials on her website or blog.