Maybe you’re having a tough time selling your current home, or maybe you’re interested in investing in real estate. Whatever your reason for considering renting a home, you need to make sure you’re ready. Here are a few questions you need to ask yourself before making the leap to renting your home:
- What’s your goal? Are you just trying to cover your mortgage and taxes on the property so you can hold the home until the market picks up? Or are you interested in turning a profit based on your rental fees? Whatever your purpose for renting the home, you need to have a clear picture of your goal. This will help you build realistic goals and help you and your property manager set the right lease price.
- What’s your timeline? Are you looking for long or short term tenants? The length of the lease you can offer can affect the kind of tenant applicants you’ll see. Some homes and neighborhoods thrive on long-term leases, while others benefit from short stays.
- What will your costs be? Even if your home is a new construction full of brand new appliances, you’ll still have some level of maintenance cost. There will be leaky pipes that need fixing, holes that need patching and lawn maintenance that needs taken care of. Are you ready for those costs?
- Who will manage your property? Managing your own property is a huge responsibility. Finding and vetting tenants, dealing with maintenance costs, handling rent collection and eviction can be exhausting for a normal person. Strongly consider using a rental property management firm like Polaris Property Management. Our experienced professionals can help smooth over every step of the renting process.
Intrigued? Interested in putting your house on the rental market in Indianapolis? Call us today.