Renting Your Home?
A scenario: You find a great job in another state. Do you sell or rent your home?
Think about reasons for maintaining ownership. Do you want to keep the home in case you ever move back? Are you looking for a tax break through property depreciation? Do you want the home as a retirement investment? On the other hand, are you prepared to be a long-distance landlord? There are other costs involved as well, often running 30-40% of income before the monthly mortgage cost.
If you decide to rent the home, where do you start? Get the house in shape, including interior and exterior painting and patching, carpet cleaning, appliance tune-up, ensuring adequate insulation, and fixing what needs fixing. There are many things to consider that I would be happy to discuss further with you.
I highly recommend hiring a property manager. Interview at least three companies. Ask about accreditation, customer service, references, screening, experience, vacancy rates, maintenance, monthly reporting, handling evictions, insurance, fee structure, dealing with prospective buyers, inspection of the property, and any special services.