Are thinking of keeping your home and renting it, rather than selling? Here are few simple ideas to help you get started and to also help determine if it is the right move for you.
The idea of passive income and the potential write offs are attractive - but there some things to consider before you rent.
Be sure to get the house in shape, including interior and exterior painting and patching - realizing that paint colors that were lovingly selected for atmosphere or décor, may seem offensive or restrictive to the renter.. If you have carpet, yes it needs to be cleaned, even though it may look "ok" to you, when seen with new or difference eyes it may seem dull or dirty. Be sure to do an appliance tune-up, ensure adequate insulation is installed to ensure warmth or even coolness, depending on the time of year. And simply fixing what needs fixing, loose door handles, broken blinds, cracked windows or shaky stairs
A property management company can research prices in your area, or you can look on-line, or even in the newspaper, to compare rental prices in your area. Make sure you are being realistic with your property - removing emotion and understanding your former home is now a business investment. Therefore, you have to see it as a renter would, pros and cons. Perhaps areas of the home that you have fond memories of may in your mind, hold a greater value to you - than for a renter.
It’s not essential to hire a property manager, but it can make life 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.