Before renting your home instead of selling, you should answer the following questions to make sure this is the right course of action for you.
Questions to Ask BEFORE Renting Your Home:
How will you respond if your tenant says they can't afford to pay the rent this month because of more pressing obligations? (This happens most often during holiday season and back-to-school time when families with children have extra expenses).
Have you interviewed a few experienced eviction attorneys in case a challenge does arise?
Have you talked to your insurance company about a possible increase in premiums as liability is greater in a non-owner occupied home?
Will you allow pets? Cats? Dogs? How big a dog?
How will you actually collect the rent? By mail? In person?
Repairs are part of being a landlord. Who will take tenant calls when necessary repairs arise?
Do you have a list of contractors readily available to handle these repairs?
How often will you do a physical inspection of the property?
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Sellers - Questions to Ask Before Renting Your Home