Leasing a Home

When your family gets bigger or you find the home of your dreams just where you want to live you have the choice of selling your old home or becoming a landlord and leasing your home. If you owned the home for a limited time and have not accumulated a lot of equity in it, or if your home is underwater under today's real estate conditions and you owe more than the house is worth, leasing the house has definite financial advantages.

However, being a landlord has its own pitfalls and difficulties.

•   If you want good tenants, you have to fix up the home before renting it out. This could involve major expense unless you are extremely handy.

•   Between tenants you can expect one to two months of downtime where you will have to cover the old mortgage and the new one.

•   Repairs to cover damage caused by the tenant are the owner's responsibility. This is especially true if the house is damaged in a way that involves health or safety.

•   Owners have to reserve the money to cover repairs on the spot.

•   Rental laws and taxation law regarding rentals can be complicated. People often need professional accounting or legal help in managing property.

If you decide to rent your home, at best you can change the property into a significant source of income. In order to make the arrangement profitable, however, many landowners decide to hire a professional property manager.

•   Good property managers will conduct a thorough survey to determine how much rent to charge.

•   Property management companies have efficient methods of collecting rent and maintaining on-time payment.

•   Property managers have long experience in advertising homes, minimizing the expensive downtime.

•   Experienced property managers are expert at finding tenants, doing security and background checks, running credit reports, verifying employment and collecting references from previous landlords.

•   Property managers will handle all aspects of the tenant-landlord relationship, both routine and emergency maintenance, and any conflict resolution.

•   Property managers usually have regular relationships with tradesmen and maintenance companies to get work done most economically and professionally.

•   Professional property managers ensure compliance with the housing regulations and property laws.

•   Having your property professionally managed means that you can invest in properties geographically distant from your home.

Move Up America is a company dedicated to seeing people upgrading their homes and lives. Please contact us for more information.

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