Should You Rent Your Home?
Do you sell or rent your home? Do you want to keep the home in case you ever move back? Do you want the home as a retirement investment? Are you prepared to be a long-distance landlord or will you hire a property management company? There are other costs involved as well, often running 30-40% of income before the monthly mortgage cost.
If you decide to rent the home, where do you start? Get the house in shape, including painting and patching, carpet cleaning, appliance and furnace tune-up, and fixing what needs fixing. A property management company can research prices in your area, or you can look for comparisons on real estate prices on the internet .
You don't have to hire a property manager of course, but it can make life easier, especially if you move out of the area. You should Interview at least three companies and ask about accreditation, customer service, references, screening, experience, vacancy rates, maintenance, monthly reporting, handling evictions, insurance, fee structure, dealing with prospective buyers, inspection of the property, and any special services.