Maintenance, repairs, remodeling and other basic home costs will have to be paid by you, not the renter. And, unfortunately, not all renters are respectful of the property. One wrong renter could end up costing you thousands in damages. Be sure to carefully screen renter applications before choosing a tenant for your home, especially if the house has sentimental value to you.
Unless you hire a property management company–which typically costs about 10% of the monthly rent–you’ll have to be readily available whenever the tenant calls with problems or issues. If the water heater breaks, a pipe starts to leak or a window gets broken, it will be your responsibility to inspect the situation and repair it.
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