Should You Rent Your Home? - Oro Valley Real Estate
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Renting your place can be lucrative, but it comes with challenges.
Deciding whether or not to rent your home or part of it isn't necessarily an easy choice to make. At first glance, renting seems like a great source of income. And though that can be true, there are things to consider:
Wear and tear
Your home can expect to see more wear and tear with tenants inside. The truth is, no matter how good a tenant is, s/he can't be expected to give a place the same TLC that you do as the owner.
Finding tenants can be time-consuming
Finding good, qualified tenants, even in really great popular neighborhoods, is time-consuming. Make sure you're ready to interview many different people, as well as complete the necessary checks with all possible tenants.
Vacancy
The average rental property is vacant for two months a year, so be prepared for this before you take on any extra expenses or make assumptions about being a landlord.
Unexpected repairs
As the owner, you'll have to take care of any unexpected (and expected) repairs as they arise. Keep this mind -- you can't 'set it and forget it' when it comes to a rental property.
If managed correctly (and with great tenants), renting can be very lucrative for property owners.