If you’ve ever thought about renting out your home as an income property, you’re not alone. The appeal of passive income is nearly universal. After all, who wouldn’t want to get paid more for less effort? However, renting out your home isn’t a decision you should take lightly. Being a landlord comes with some unique responsibilities — and frustrations. If you’re interested in using your home as an income property, here are three things you should keep in mind.
Know Your Market
Before you consider renting out your home, you need to research your local market so you have an idea of the rental area you’ll be working with. Are you in a high-demand city with a seller’s market? Or are you in a smaller town with less of a need for housing? These will be two of the primary factors in deciding whether or not your home is a … Read the rest