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- House and Home
When In Doubt, Rent It Out
If you're having trouble selling your house and are worried about making the mortgage payments after you've moved into a new place, you might want to consider renting out your property in order to offset your costs. However, as any landlord will tell you, renting comes with its own set of risks and rewards.
The Chicago Sun Times recently published a very informative article about the pros and cons of renting out your on-the-market property. Among the potential dangers they site are unexpected legal fees that may come into play if there's a dispute about payment, and any work you might have to put into the house in order to make it renter ready. It may also be a challenge to show the house to potential buyers if there's already someone else living there.
Check out local rental associations if you're not sure what it will entail and if you think you'll end up coming out ahead, go for it! You never know, your tenants might even fall in love with the place and decide to make it their permanent home.
If you've rented your home in this market, leave some tips in the comments!