Moving into a new home is one of the most exciting things ever! It is the start of a new chapter in your life. So, let’s not dim that sunlight if you cannot seem to sell your old house. One way to downplay the costs of paying two mortgages is to rent out your old home while you try to sell it. That way you will get a new monthly income each month, however renting out your home temporarily does come with some risks. Check out these risks and how to avoid them.
Finding a Temporary Tenant
As long as you let your tenant know that you are planning to sell your house, there is nothing illegal about renting it out. The challenge is finding tenants that don’t mind only staying for a few months. In order to ensure that everything is clear to your tenant, the best thing to do is get it in writing. Even though this is not a long-term rental agreement, it is best to get a lease drawn up. The last thing you want is to find a buyer and then the tenant not want to leave.
Tenants need at least 24 hours’ notice before anyone enters the property. So, this means the tenant must be cooperative and, above all, keep the place clean. Plus, if you find a buyer, they may have to wait a while before moving in because tenant laws require, at least, a 30-day notice to vacate the property.
Caretaker Not Renter
If you think of your tenant as a caretaker, rather than a renter, you may be better off. In fact, some people actually look for temporary rental agreements that offer a cheap rental price in exchange for keeping the home clean and ready for showings. Home caretakers know what is expected and do not plan to stick around for long.
Extremely Short-Term Rental
If you live in a touristy area, then advertising your home on sites like Airbnb may be your best option. Luckily for us, Lakeland is directly in between Tampa and Orlando which would be perfect for a family looking to get the most out of their vacation. This way you avoid the struggle of a longer rental agreement and you can charge more per night than you can per week or month. The only downside is your home would have to be furnished.
Long story short, renting out your home is a great option to help combat the double mortgage you could be stuck with. Plus, you could even make a little profit.