Rental Basics in 14069>Question Details

n/a, Home Owner in 14069

Thinking about renting our house rather than selling. We love area and would like to keep house to give to our children one day. Is renting good idea?

Asked by n/a, 14069 Sat Nov 9, 2013

What do we need to consider when renting a house? Looking into "Landlords Insurance". Any other factors??

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Answers

3
t's a good idea to rent your home out if you have the desire and patience to be a landlord!

Be prepared to get a call at any time when something breaks..........be prepared that some tenants are better than others - will maintain the house better than others...... and no one will know for sure until they move in and begin living in your home.

That being said -

You might want to look into a home warranty plan (look up American Home Shield, which is a big company offering flexible plans) so that you're not busy paying for plumbing issues and other typical repair items......not sure how it works where you are, but......in my area our leases include a clause that makes the tenant responsible for repairs up to $100 each instance.
With the warranty I mentioned, a service call is $100.....beyond that the company pays the balance for the covered repairs, and in some instances, for replacements. You need to read the fine print!
It's worth looking into.

Another option if you're not inclined to be an active landlord is to hire a property manager.............I manage several properties for landlords who are not in the local area.........my company gets 10% of the rent for this service which includes collecting rent, and overseeing any repairs and maintenance, etc......so this is something you might want to explore, in your area, if interested.

Best wishes!
0 votes Thank Flag Link Mon Nov 18, 2013
Good morning!
A Dwelling Fire policy, also known as Landlord's insurance is not only recommended but also required by both your mortgage company and current insurance company. Just like a Home owner's policy, a dwelling fire policy covers you for physical damage to the home as well as liability. Another thing included in these policies is "loss of rental income". Let's say for example the home is damaged by a fire or windstorm; without this coverage in place you will be out of those monthly rent payments you have now become dependant on. Now, let's say there is an incident and you need to file a claim; once your current carrier discovers the home is rented and not owner occupied it is likelyt hey will void your coverage and deny the claim.
If you need help obtaining a dwelling fire policy you can contact me at 877-880-7340. I am a licensed NYS insurace agent specializing in personal lines.
0 votes Thank Flag Link Mon Nov 18, 2013
If you have good tenants who take pride in their home, it's a good idea. We are a family of 4 and we are looking to rent a house with 4 bedrooms. Please let us know if you decide to rent at michaelrcaputo@gmail.com.
0 votes Thank Flag Link Sat Nov 16, 2013
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