Ready to Be a Landlord? Key Considerations Before Renting Your Home
Is It a Short-Term Solution?
If you’re planning to rent your home for only 6 months to a year, it might not be as profitable as you hope. While rental properties can offer tax breaks, the income is taxable, and short-term rentals may not provide the financial benefits you’re looking for.
Can You Handle the Costs?
Renting out your home means covering two housing costs: your new place and the rental property. Unexpected vacancies or problem tenants can strain your finances. Before deciding, assess whether it’s financially feasible and worth the risk.
Are You Ready for Maintenance?
As a landlord, you’re responsible for upkeep. From small repairs to major issues, it’s your legal obligation to maintain the property. If you’re not prepared to handle these tasks yourself, you’ll need to hire contractors, which adds to your expenses.
Let’s Explore Your Options
Becoming a landlord can be rewarding, but it’s not for everyone. If you’re considering selling instead, contact us today. Fill out the quick form below, and we’ll be in touch to help you decide the best path forward!