If you’ve got a second home anywhere, you know that renting a property comes with its disadvantages and advantages. But if you’ve never invested in another property before and would like to learn about how to rent yours out, there are a few things you should know before you get started. Renting property is actually more complicated than it sounds, and you’ll have to weigh your options carefully before you decide that renting out is right for you. If you’ve got a property you’re thinking of renting out, read on for some quick tips.
- Income: The most obvious benefit that comes with renting out a property is the income you’ll receive from tenants. It’s almost guaranteed that, under the right circumstances, you’ll end up making a decent profit on your property, or at least break even with your expenses.
- Home Improvement: Easy home improvement projects like a repaint or a new fence not only allow you to charge more for rent, but they also increase the property value. An increased property value can be incredibly helpful when it comes time to sell your property. Without a lot of financial sacrifice, you can easily add profit to your property.
- Sell for Cash: If you do find yourself short on cash at any point, you have an extra property that you can sell in the event of an emergency. It’s an interesting safety net, but by renting out another property, you give yourself the ability to make a profit regardless of what happens.
- Damages: Tenants can cause a lot of damage. And of course you can charge them, but security deposits only go so far. There’s also the risk that your tenant won’t pay on time, and you’ll go through periods of tight financial situations.
- Taxes: Property taxes can cause issues when you go through a renting dry spell. If you aren’t getting any income, paying an extra property tax on top of your primary home could end up crippling your wallet.
- Insurance: You have to pay insurance whether the tenant is renting the property or not. Therefore, it’s another cut into your profits. Not to mention, if your property is somewhere risky like the shore or a different area prone to natural damage, repairs can sometimes cost more than you bargained for.
Sell your secondary home to The Team Edge!
If you’ve decided that renting out your secondary property isn’t for you, don’t worry; The Team Edge will buy your property, as is. The Team Edge will buy your property regardless of its current condition and curb appeal, and is dedicated to providing you with the best possible selling experience and a fast, fair offer. Call our 24/7 hotline today at 443-840-7100 or fill out our quick and easy online application to get started on selling your Maryland property immediately. That’s right. Sell your house fast – AS IS!
Tags: renting tips