When you start evaluating to rent out your property, there are different aspects to consider. Sometimes it would seem a quite easy gig, but being a property owner can become a complex and full-time job.
Rafleys has listed some pros and cons that might be helpful in your decision making. As an expert stakeholder in the real estate industry, we have collected several feedbacks from our landlords.
Here’s a list of pros and cons.
This is the first and best reason to consider being a landlord. On regular basis, you are going to receive an amount of money, which could be enough any mortgage payment and any other types of expenses.
Economical security in the long-term
By renting out your house, you could obtain an ongoing income which it might be saved for other projects or investment, or even use to do improvements on your property.
Tangibility of your business
Your property is something tangible. It’s a long-term investment and renting it out could improve actually the state of your house. There will be someone who’s taking care of it, allowing you to earn some money out of it.
On the other hand, dealing with the maintenance of a house might be something time to consume and demanding. You need to be prepared to face these sort of issues and taking care of booking a handyman and discussing with the tenants.
A direct consequence of maintenance is the time that you invent on it. Besides spending time with several issues such as selecting contracts, dealing with tax issues and some much more, you’ll need to meet and sort your future tenants. Most of the property owners pay agencies to do it, but the best long-term investment is choosing personally them, being sure they are the best fit for your house.
Dealing with insolvent tenants
One of the most unpleasant experience is dealing with insolvent tenants. Every case is different and you might find yourself in a difficult situation to deal with
In conclusion, for some people, renting out their property could be an interesting financial asset, especially If the house is in a good shape. If they don’t mind taking care of maintenance issues and spend some time on improving the property. However, not everybody is able to take good care of the property or interact properly with the tenants.
So, basically, it’s important to consider your time efforts, personal financial conditions and If you’re willing to commit to this role, as a landlord.