Do You Really Want To Rent Out Your House

Dated: 10/28/2014

Views: 853

Here are some questions to ask yourself before you rent out your house.

  • How will you respond if your tenant says they can’t afford to pay the rent this month? because of more pressing obligations? 
  • Because of the economy, many homeowners cannot make their mortgage payment. What percentage of tenants do you think cannot afford to pay their rent?
  • Are you prepared in case a challenge does arise?  Do you have an attorney you can turn to to help you?
  • Have you talked to your insurance company about a change in premiums as liability is greater in a non-owner occupied home?
  • Will you allow pets? Cats? Dogs? How many? 
  • How will you actually collect the rent? By mail? In person?
  • Repairs are part of being a landlord.  Are you prepared to take tenant calls when necessary repairs come up?
  • Do you have a list of workers you can rely on to handle these repairs?
  • How often will you do a physical inspection of the property?

  • Be sure you have all your options covered before you make this decision.   Especially if you plan on living in another state where you don't have as much control over the situation.
    Blog author image

    Janis St. Onge

    I am a certified Short Sale and Foreclosure Resource (SFR) who works with first time home-buyers, empty-nesters and investors. Call me today and let me be your eyes and ears in the Charleston tri-cou....

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