Have you ever considered moving to a smaller place, leasing your home, pocketing the extra cash, and becoming a landlord?
That sounds like a great alternative to selling your home, especially if you’re retiring, relocating, or you want to downsize. Leasing your home can be a positive experience but be sure to consider the hazards of home leasing before you plant that “For Lease” sign in your front yard.
When you lease your home, you let go of a lot of tasks you were never very fond of in the first place. You get to ditch yard maintenance and snow removal. If you move into a small apartment or condo, you’ll see immediate monthly utility bill savings.
You won’t be tied to a long list of weekend chores so you really could move to a condo in Florida if you choose. Your tenant’s rent can help you pay for a whole new lifestyle. What’s not to love?
Okay, it’s not quite that simple
In fact, the hazards of home leasing are far more complicated and annoying than you might imagine. When you lease your home, you’re still the owner, but you give up some rights, and you gain some new responsibilities.
- Even if you’ve always been great about taking care of your property, Connecticut General Statutes Chapter 830, Rights and Responsibilities of Landlord and Tenant gives you a long list of formal rules to follow. Here are just a few.
- You must still take care of your plumbing and heating systems, also your locks, stairways, porches, doors, ceilings, walls, and… (That may not be too easy when your lounging on a beach.)
- You still pay property taxes, water bills, heating bills, insurance, repair bills, and other costs.
- You have to listen to tenant complaints and find solutions.
- No matter how shady your tenant seems, you can’t ask for a security deposit greater than two-month’s rent. (One month if they’re 62-years or older.)
- You can’t just say “Paypal me” and expect to get your rent money instantly. If your tenant doesn’t doPaypal, Venmo, Zelle, or other digital payment systems, you must provide a non-electronic rent payment option. (You know… the check’s in the mail.)
- You can’t enter your property unless it’s an emergency.
- No matter how thoroughly you check your tenant’s credit, you can’t predict if they will stop paying rent or punch holes in your living room walls. (That’s not a legal Connecticut guideline. It’s simply the truth.)
You can always pay someone else to do it
The hazards of home leasing aren’t quite as complicated if you pay someone else to be your landlord. A management company will take care of everything. You have to get used to the idea of paying a monthly fee that cuts into your rental profits.
Perhaps You Should Sell Your Home
Selling your home isn’t such a bad idea as long as you find someone to buy it hassle-free. That’s how we do it at Next Level Home Buyers. When we buy your home, you don’t have to juggle repairs, upgrades, staging, the illusion of space, landscaping, curb appeal, listings, open houses, buyer’s markets, seller’s markets… or any of the other traditional home-selling annoyances.
Our process is Fast & Fair.
- We evaluate your home.
- We make an offer.
- You agree.
- We close in as few as seven days.
When we buy your home, we make it easy to downsize your life and best of all you don’t have to be a landlord.
Contact Next Level Home Buyers
To learn more about the hassles of home leasing vs. the benefits of selling your home hassle-free, call us at 860-368-0343 or complete our contact form. We’ll get back to you right away to answer your questions.
WE BUY HOUSES IN ANY SITUATION:
Behind on Payments
- Death of a loved one
- Liquidating assets
- Inherited property
- Job loss
- Bad mortgage
- Medical Bills
- Extensive repairs