Factors to weigh before renting out your home

Posted By Georgia Bell @ Feb 25th 2012 5:15pm In: General

Do you have a home that you feel you don't want to sell right now but you want to move?  Are you thinking about renting out your personal home?
If so, please consider these factors before doing so:
1. Does your home have pricey upgrades that might be destruction-prone?  If so, factor that into your decision making... and into the deposit and monthly rent price if you do decide to rent it. If your flooring and paint are livable, I would advise you to rent it out in its current condition and wait to paint and redo flooring until after the tenants leave - and before you sell.
2. Research your local rental market. Call our realtor or property management company to find out what the rent rates are: and what rent you can realistically expect to receive.
3. Don't forget to do a conservative cash flow analysis - income vs outgo. 
4. Replace carpet with tile, trade out fancy lighting fixtures and window coverings for those of standard issue equivalents and even consider switching out fancy appliances for more standard items.
5. Keep in mind, though, that if you have a luxury home and you expect to get premium rental rates, you will probably need to keep the higher end touches in it, even if that permits more risk of destruction.
6. Finally, find someone who will keep an eye on your home while you are away!  You definitely need a "set of eyes" locally if you are going to be living far away.
Good luck!

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