Whether you’re looking to develop a second revenue stream or are being forced to move away from home for a job assignment or family duty, renting out your home can be a great way to keep your property and earn money on it.
Very few homeowners understand the intricacies of being a landlord, however. Here’s what you need to know.
Take everything into consideration
Leasing a property you own to people you may or may not know is a serious proposition. If you’re like most people, your home is probably your most valuable asset, and you aren’t eager to make careless decisions about it.
As such, you have to take incredible care to ensure you find good tenants, protect yourself legally, and thereby position yourself for long-term financial success. Here are four specific things you mustn’t forget during the process: