mortgage interest payments, insurance, property taxes, maintenance, 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 of your vacant home through appreciation and/or by having some renovations done for your tenants. These factors could ultimately end up enhancing your investment by the time you choose to sell. For example, finishing the basement and adding a kitchen and a bathroom will turn it into a basement apartment, adding additional rental possibilities in the short-term, and increasing 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, if you are not planning on quickly selling your home, it is best to rent it out even in the short-term, so there is someone living there. You may get lucky and find tenants who would like to help with maintaining your property as part of their lease agreement. This could be anything from lawn care to plumbing issues. A tenant who loves your home could even become a future buyer for your property. One con to renting out is that you must assume the role of the landlord with all of the obligations, responsibilities, and
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