Avoid These Mistakes When Renting Out Your Jersey Home

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Have you considered renting out your own home? It’s a very difficult decision to make, and to be honest, renting is a lot more detailed oriented than just selling it. To this day, I have not seen many people make a big profit off of it. If you decide to do this, here are some do’s and don’ts for you.

Make sure that you do these things:

• Market the home aggressively to find the best tenants.
• Understand the tax implications and true carrying costs.
• Run the credit score of the tenant as a requirement.
• Require them to purchase renter’s insurance.
• Require them to do handiwork valued at less than $100.

On the flipside, here is what not to do when renting out your home:

• Don’t rely on the tenant to maintain major appliances
• Don’t rely on the tenant to maintain temperature if away on vacation

These are only a few of the pro’s and cons of renting out your home. It’s a big decision with a lot of room for error, so I recommend that you meet with me and we decide whether this would be a good investment or not.

I look forward to hearing from you!