Home ownership has always been a part of the American dream, but that dream may be changing. In 2011 more and more potential home buyers believe that renting is the better option.
An online survey done by the National Apartment Association, 76 percent of consumers think that renting is preferable to owning a home in todayâ€™s market.
What I have seen is that some homeowners believe itâ€™s better to rent out their home than to sell it for less than its worth, if they can sell it all. Those considering renting out their home should not make a quick decision without speaking to professionals. If you decided not to speak with a professional you could find your self in a bad first-time landlord situation. Del Val Realty and Property Management., a company that provides tenant screening services to property owners, and a â€œNo Hassleâ€ full service property management serving Philadelphia and Western Suburbs.
Here are a few good tips.
Tip #1. Look at the numbers. Renting might be the best option. Leaving your home vacant can cost you money each month. Consider all potential costs, including property taxes, income taxes, homeowners insurance and maintenance inside and outside of the home. Renting your property will help take care some of these expenses ; you will have to put a portion of it back into the property.
Tip #2. Find quality tenants. Nightmare tenants can be, well, a nightmare. Prepare for a careful screening process. Many private landlords canâ€™t access the quality screening products available to larger businesses without going through a lengthy certification process. Some Large property management companies will take of just the tenant screening process and getting your property rented to the right tenant.
Tip #3 Use a comprehensive lease. Whether you use a template or hire an attorney to write your lease, make sure that the lease clearly states your expectations. The lease should state who is responsible for what, when you expect rent to be paid and what penalties you will impose if it is late.
Â Â Â For more information, visit www.delvalproperty.com
About the Author
Mike Lautensackis the owner of full service Residential Property Management company based in and around Philadelphia, PA. He advises real estate investors how to build wealth and financial security through hassle-free ownership of investment real estate with their â€œNo-Hassle Property Management Program.â€ This proven management system allows owners to enjoy the financial benefits of cash flow, tax savings, and wealth creation while it GUARANTEES you will never receive a late night emergency call, deal with a lengthy eviction proceeding or ever have to interact with an irate tenant.