Should I Rent My House or Sell It?
Interest rates are historically low, hence many homeowners are able to refinance and obtain a low mortgage interest rate. Combined with a strong rental market, they may then decide to rent their San Diego house instead of selling in the current marketplace.
San Diego real estate is a great investment and choosing to rent in hopes of a higher price in the future is not a terrible idea…in some cases. The question is: Are you ready to be a landlord? Here are some things to consider before making this important decision.
- What documents will you need to rent the property? Important paperwork includes disclosures that protect you and the tenant, as well as a complete rental agreement.
- How will you collect the rent? In person? By mail? Or direct deposit?
- Because there are tenants who at times cannot afford to pay their rent, are you able to make the mortgage payment without receiving the rent?
- Do you know an experienced eviction attorney in case you need one?
- Would you consider allowing pets? If yes, what type and size will you allow? And will you charge an extra pet deposit?
- Of course there are going to be repairs. Who will take the calls from tenants and who do you know that can handle these repairs?
- How often do you plan on completing a physical inspection of your property?
I’m sure as you’re reading these questions, you’re reconsidering. Although renting residential real estate is historically a great investment, as you can see, it is not without its challenges.
As your Real Estate Advisor, I am available to help you consider your options. If you should decide that renting is your best course of action, I can help you get these questions answered and assist preparing the proper documentation to rent a San Diego house.