The Drawbacks of Renting Out Your Second Home
On the surface, it might seem like owning two houses is a good idea. From a logical standpoint, it’s hard to refute this assumption when you’re able to pay off a chunk of one mortgage with the profits you generate from renters in your other home. In a controlled environment, a homeowner should be able to manage two homes with few problems, as long as their renters play by the rules, pay on time, and take care of the home.
As you will learn in this brief article, renting out your second home can be lucrative if everything falls into place, but you have to be willing to take some costly risks in order to enjoy the benefits. Are these risks worth it for your situation? And what are your other options once you find yourself in possession of two properties? This article aims to answer these questions and more. Remember, if you’re having trouble managing two properties, Gateway House Buyers will pay cash for your home in Clarksville, TN.
Your Tenants Will Dictate Your Renting Experience
As we discussed above, becoming a landlord is a secure way to help offset the cost of your mortgage…in a vacuum. The truth is that landlords are forced to deal with a cacophony of issues on a day-to-day basis. You never know when your second home is going to need the services of a repairman for any number of issues, including:
- Dripping water heater
- Broken air conditioning unit
- Malfunctioning appliances
- Old or faulty electrical wiring
- Black mold
- Leaking roof
Arguably, the most frustrating aspect of renting out your second home is that you’ll be forced to pay for a variety of repairs that could be the result of your tenant’s negligence. And even if you try to cover these expenses by investing in a home warranty, the lackluster response times and quality of service that typically accompanies these policies could result in a violation of the rental agreement you signed to protect yourself. It’s one of the cruel ironies of renting out your home, but it’s a reality that must be considered before your find yourself locked into a 12-month commitment with a tenant that trashes your home.
Is Renting Worth the Trouble?
Ultimately, you’ll have to decide whether or not renting out your home in Clarksville is the right move for you. Even tenants that pass your initial screening, provide proof of income, and look you in the eye as they shake your hand and promise to care for your property could end up costing you in the long run. Whether it’s a young professional, serviceman from Fort Campbell, or a retiree, you never know what you’re getting into with a renter until you receive that first call requesting a repair or service for your home. That tenant that encouraged you to rent out your home could be the very same tenant that causes you to reach your wit’s end. If you want to forego renting and alleviate yourself of a second home that seems like it will only become a greater financial burden as the years go by, consult a professional home buyer that pays cash for homes Clarksville, TN.