About one out of every five potential sellers we meet with asks the question...."Should I rent my house if I can't sell it?" We're not at liberty to tell anyone what they should and shouldn't do, but below are some questions you should consider before making your decision.
10 Questions to Ask BEFORE Renting Your Home
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, over ten percent of 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?
The above questions were part of an article from Steve Harney and the KCM blog. They're great questions and we encourage anyone considering renting to think long and hard about them before making a decision.
