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Before you become a landlord, assessing your personal financial situation and long-term goals is a must. Renting out your property can offer a steady stream of rental income, but it also comes with responsibilities and potential risks.
Reflect on your lifestyle and future plans as well. Are you relocating for work or family reasons? Is your house taking longer to sell than anticipated? These circumstances might make renting out your property an attractive option.
However, keep in mind that being a landlord requires time, effort, and a willingness to handle tenant-related issues. Ultimately, the decision to rent out your home should align with your financial goals, personal circumstances, and readiness to take on the role of a landlord.
Start by conducting thorough market research to understand the rental rates for similar properties in your area. This process, known as rental comps, involves comparing units of similar size, age, features, location, and condition to determine a fair rent price. To assist in your pricing strategy, leverage online tools and resources.