Having an extra house or apartment, which is empty? Thinking that selling it is the best alternative for you? Well, for some people it is. On the other side, others will prefer giving the additional property they have for rent. Today, many of us face this dilemma – whether to give a house for rent, or not. Naturally, this subject has its two sides. Getting aware and familiar with them, though, will help you make the final decision. We will list you some of the common weak and strong points of renting your own home:
- The biggest advantage is the additional salary you will receive monthly. Who doesn’t need some extra cash to cover the regular expenses, taxes and etc.? And even if you are fine with your current family budget, an extra outcome will be more than awesome!
- A strong disadvantage is dealing with unknown people – constantly! If you decide giving your property for rent, prepare for a regular change of its inhabitants. The worst part in this situation is when the tenants are students. They repeatedly move out and in, which causes you some extra duties in your routines.
- Here is one more strong point – your house will be permanently maintained! Besides the common post tenancy cleaning duty that any tenant has, your property will get even more. Any person wants to live at a nice place, right? So, there is a big chance for your renters to make some new renovations and cosmetic changes for the good sake of the house! And you will not do anything by your own!
- Giving on rent has one really bad weak point. It is the red tape thing. Of course, if you have some renters in mind, it will be nice. Otherwise, you will need to deal with agencies, brokers and institutions to get a legal permission for renting your house. This could be a bad headache!
- And one more advantage – giving on rent keeps your house! One day your kids will grow up. No matter what the property market situation will be, you may be tranquil. They will not be renters, too, but will have a nice home place!
- Last, but not least disadvantage is the risk. There is always risk, when it comes to dealing with people. They might ruin your house or at least damage a luxurious item you have. For example, you might give your property with the expensive natural carpet to increase the value. However, you cannot make the tenants use the services of dry carpet cleaners to maintain it!
Ok, now, you might make up your mind and decide what is better for you – to give or not to give your property for rent!