fixtures, cleaning services and even travel and local transportation expenses incurred in maintaining and managing the property and rent collection.
PROS & CONS OF RENTING OUT
The biggest advantage of renting out your vacant home is gaining an additional source of income. This extra money each month will help you pay property taxes, mortgage, and utilities (unless you rent with the condition that tenants pay for utilities each month, which is completely your choice). It is possible to return some profit. Another advantage is the increase in the value in your vacant home through appreciation and/or by having some renovations done for your tenants which could end up becoming an enhancing investment at ultimate time of sale. For example, finishing the basement and adding a kitchen and a bathroom will turn it into a basement apartment, and increase the home’s value for resale. By renting out your vacant home, you will avoid squatters, vandals, and thieves. For example, if you own a vacant home and you are rarely there, squatters and vandals are going to take notice. Therefore, it is best to rent it out even short-term, so there is someone living there if you are not planning on quickly selling it. You may get lucky and even have tenants, who can help with maintaining your property. This could be anything from lawn care to plumbing issues. A tenant could even become a future buyer for your property. One con to renting out is that you are the landlord with the obligations, responsibilities, and headaches of that role. Property management is a dynamic activity, meaning you do not simply rent out your home and await income and tax benefits. There is regular and emergency maintenance (e.g., mowing and the hot water heater that bursts at 3 AM.)
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