Should You Rent Your Home Instead of Selling?

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Once you have made the decision to move to a new home in Long Island, you may ponder the idea of renting out your previous home to a tenant instead of selling it. Most people aren't aware beforehand, but being a landlord is a full-time job, and not everyone is cut out for it. You've got to be prepared for anything when it comes to being a landlord. Today we want to discuss with you some things to consider if you are contemplating renting out your home.

The first problem you will encounter is finding qualified tenants. Then you will have to figure out how they will pay you. You also have to understand that your home likely won't be cared for by the tenants in the way you had intended. 

Also, you have to go through different scenarios to determine if you can handle all the risks involved with renting your home out. What if the tenant stops paying rent? It's not all that uncommon, and when it does you will need to determine whether you can get by comfortably without that income. 

There are many things to consider when thinking of becoming a landlord. Go through each of the above scenarios to see if the time is right for you. If you have any questions, feel free to give us a call or send us an email. We look forward to speaking with you!