Should I rent my home?

That's a question a lot of property owners are asking themselves in this market. Many people in Brevard county are facing the possibility of having to move to get a job, and do not want to sell their homes, at a loss, so renting may be a good option for them.  There are others, that are looking at taking a huge loss when selling their home, or worse even, being upside down and not wanting to face a short sale or a foreclosure, many of these are therefore considering renting out their homes.  There are many things to consider when making the decision to rent.  Renting a home is a business and requires experience, in order to make it a legal and profitable one.  Here are some things to consider: 

1.  First, you must determine whether being a landlord is an obligation you can even handle.  Being a landlord is one more responsibility you'll need to fit into your life, and it's safe to assume that things will not always run smoothly. You'll need to stay on top repairs and maintenance, collect rent, and be available for any issues your tenant may have.  
2. Is your property ready to rent? In this competitive rental market, perspective tenants are very choosy.  Sometimes, a good cleaning and some paint are not enough to attract a tenant to your property.   

Before listing your property, you should consider several things;

a. Will you allow pets?

b. Do you understand the liability to a landlord when allowing certain        breeds?

c.  Do you know what the market rent is? 

d. Can  you afford to rent your property at that price?

e. Can you afford to pay the mortgage while the property is empty? 

4.  Are you aware of your state and local housing codes? As a landlord you're required to make sure the property meets health and safety standards. If you don't take care of your end of the legal bargain your tenants may have grounds to break the terms of your lease, sue you and even to be legally entitled to compensation for damage or injury due to your neglect.

5. How will check the credit and background of potential tenants? this is one of the most important things a landlord must do, before accepting a tentant. 

6.  Are you familiar with Fair Housing?  Are you aware of the penalties for violating it? 

These are just a few things to consider, before listing your home for rent, once it’s rented, there are many things to consider as well.  I will be talking about those in a future blog post.

If you list you property for rent, with a property manager, you as the landlord will not have to worry about these things. Your property manager will be able to guide you through the process.