Mortgage Finders Network
Mortgage Finders Network, get the answers you need from the source you trust.

The Risks of Renting Out Your Home

Renting your home is a great way to make some extra money. Those of you that might have two homes, or might have moved to another city yet kept your old home might want to look into this as an option. You also need to make sure that you are doing the best you can for your situation. There are some risks that come with renting your home that you really need to be aware of. If you watch out for these risks then you will have a better chance of succeeding in this process. The following are some of those risks that you need to be aware of. You will then be able to go out and have a solid renting relationship with the renter.

Settling for a Renter

If you take a look at the housing market then you will know it is tough on people these days. This is when you need to watch out and make sure that you do not settle for a renter. Settling for any renter could really be a risk. This means you probably would not have checked up on their history and how they pay their bills. You could then be renting to a deadbeat before you even know it. Having a bad renter is almost worse then not having a renter at all. This is why you should not be in such a rush that you panic and let anybody rent your home. Do your research and make sure they do not haunt you at all.

Property Manager

Some people move away, yet want someone to take care of their home. This is when they hire a property manager in order to tide them over while they are looking for a home renter. If you can find a legit property manager then it might be some help to you. It is just important that you make sure the property manager is doing their job and not just taking your money. They also need to make sure you are involved in all decision, because it is easy for some property managers to assume more responsibility then you want to give them. Do not trust your property to any person because you might get burned in the end.

Sale and Lease

There are some places were you can actually put your home up for sale and for lease at the same time. This will then allow you to take whatever opportunity comes your way first. This is not a bad option, you just have to make sure that it is something that you want. If you do not want to sell the home or you or hesitant about leasing then do not do this. You will then be stuck with the result that you have gotten. It is a risk that could make you lose your home a lot sooner then you really wanted to. This is why you must have a good idea of what you actually want to do.
National Rate Averages

Mortgage Rates

Product Rate
5/1 yr ARM 3.147%
1 yr ARM 3.299%
15 yr fixed 3.221%
30 yr fixed 3.815%

Home Equity Rates

* Updated Jun 8, 2012