Renting Out Your Home: What You Need To Know

Real Estate Blog

The property market continues to fluctuate. Are you ready to leave the headaches of homeownership behind and move into a retired living community or assisted care facility but not ready to sell your home just yet? If you find yourself in the position of wanting to rent your home, but are unwilling or unable to deal with the never-ending details, a qualified property management company may be the answer to your troubles. 

Headache Free Tenet Qualification

You may have invested time, money, and your heart into your home and do not want to see it ruined or destroyed by the wrong tenets. Experienced property managers have the ability to screen tenets thoroughly, including background checks and detailed questionnaires that can weed out potential problems before they become an issue. 

Worry Free Maintenance

You may be worried about having to deal with routine or emergency maintenance issues that crop up when you are a landlord. Using the services of a property management company can help reduce the need for you to get your hands dirty. Scheduling routine inspections can guarantee that small issues do not turn into larger headaches and emergency calls in the middle of the night will be handled quickly and efficiently. 

Stress Free Attention to Detail

There are a lot of legalities and regulations that come with owning income property. Keeping track of the details can seem like a full time job, especially when tax time rolls around. Having a company that includes a qualified bookkeeper can take the burden of tracking expenditures and income off your shoulders and turn piles of receipts into a well-managed year-end report.    

Budget Freeing Income

While you will pay for a property manager's services, the fees are usually minor averaging between six and ten percent depending on your location and complexity of desired services. If you own your home outright, any income you bring in can be a nice profit. If you are still making mortgage payments, rental income can help cover those expenses freeing up money for a smaller rental or payments for assisted living care. This can be especially important if you are upside down on your mortgage and need added income to help cover your monthly costs in your new home. 

Do not let the fear of landlord responsibility keep you from renting out your home. With the help of an experienced property management company, like Management Services, you can reap the rewards of owning an income property without the stress and worry that it may bring.  

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10 December 2014

Sarah's Renting Tips

Although I've never worked professionally in the real estate business, I sure know my way around it. How, do you ask? Well, I have simply rented a lot of different places and worked with a lot of different landlords and real estate agents. In the past 7 years I've lived in 11 different houses or apartments, none of them my own. In finding those 11, I have looked at literally hundreds of apartments. I used to hate house hunting, but now it's kind of fun. You just need to know what you want and the right questions to ask. Hopefully this blog can help you learn some of the tricks of the trade from another renter like yourself.