Thursday, August 11, 2011
I want to rent out my house. How much should I charge for rent? I want to be fair and reasonable.?
Best thing to do is look around your neighborhood for similar house that are for rent and set your price some where in that range. No need to be "fair and reasonable", it is always OK to set your rent at what ever the market will accept. Just be sure you cover all your expenses and there is profit for you at the end of the year. Some things to consider are taxes, insurance, maintenance and the cost to manage the property. Even if you manage it yourself there is always some cost to your time. And most important be sure you can pay your mortgage if you have one. If you have a mortgage you might want to read it over to see if you are allowed to rent out your house. Many residential mortgages require the house to owner-occupied. If you are going to be a landlord it is always a good idea to have a good attorney and a good accountant.
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