Even though it is currently a seller's market, many sellers are contemplating renting out their current home rather than selling it. In some situations, it could be the right thing to do, but is it right for you? Could you be a landlord? Here are some things to consider before you decide to become a landlord.
- One of the biggest things to consider, is will you be able to get an attorney to evict your tenant if they aren't paying rent? Can you be a landlord that leaves the emotions out no matter what the excuse for non payment and think of the rental as a business?
- Will you allow pets in your rental? If so, what restrictions if any will you have?
- Who will be making repairs to the property? Who will the tenants call if there is a need for a repair, you as a landlord or someone else?
- Do you have the financial capability to keep up the home you rent out as well as the home you will be living in?
- What will your procedure be to screen possible tenant applicants?
- How will you handle payment of the rent? Will there be a check sent, what kind of a check, or will you pick it up in person?
