Time is running out. You need to move fast and you haven't sold your home. What are the options? Many desperate home sellers may resort to renting out their homes so they can move on. However, is becoming a landlord really the best option?
What are the Risks?
Becoming a landlord does offer you an option for a quick way to find another family for your home. This may be especially appealing when you are down to the very last weeks before you must move to a new house or a new city. However, there are inherent risks in becoming a landlord. Are you prepared to deal with them?
Your home will now be their home. Are you prepared to back away and let them live there without your dropping by frequently just to see how well they are taken care of the place? It is acceptable, and even recommended, for a landlord to schedule appointments to check on their property, but tenants have a right to privacy. Remember, for all legal purposes, your house is now their house!
Not everyone is a good tenant. Getting a new family into your old home might seem like a boon, but not every tenant is going to take good care of your property. Not all of them are going to pay, making your calculated risk of taking on tenants a losing proposition. Also, many people are renting their homes now since the market is flat. That leaves you as one landlord among an ocean. You may not have your pick of the best renters.
What Are the Benefits?
You are assured a source of money if you can find a steady renter. It is always nice to have someone who can be present to make sure your house is not empty or being vandalized. There’s an inherent risk in having strangers in your home, but a much higher risk of a leaving your home vacant for long stretches of time. You might make up the cost of your mortgage by having a renter in your home. And a good renter can become like part of your family.
Never forget that if you can’t sell your house the traditional way, there’s always another option. If you aren't up to the risks of becoming a landlord, you can sell your house quickly with us. We will buy your house quickly
, without all the fuss.