I own a house now in Cape Canaveral, Fl. I am unsure if I am going to rent it or sale it. What are some pros and cons of renting a house? Other than people tearing it up and being stuck having to rebuild the damage. I would also like a few suggestions on renting if possible like things to look out for and what we should put in a rental agreement.
With the market the way it is, you may not really have an option unless you're willing to list for a price that significantly undercuts the rest of the market, you may be able to sell it.
I'm currently renting my first home in Ft. Lauderdale. If you're not going to remain in the area of your home or within easy driving distance, I'd suggest a property manager. Generally, they charge 10% of your monthly rent, so consider that when figuring out on what you're going list it for. If after factoring the 10% and your mortgage, you're above the comparible rentals, renting may not be the best option. Or find a Coastie/military to rent it and you don't have to worry about a property manager as its easy to recoup money if its owed.
I'm not going to lie, at times it can be stressful. I had to evict my first tenants for not paying the rent. I was sweating up a storm worrying that they'd trash the house on the way out. When they finally did leave, I took week off and flew down to what I expected to be a catastrophe. I was pleasantly surprised upon arrival. The house was in good shape. The worst of it was the crap left behind including a Honda Civic engine. Their taste in paint in one the bedrooms was pretty bad also. Other that, it took me about 4 days to get the house ready for show. I got to sneak a day of diving in!
Things break, you get em fixed. Understand though, a renter will rarely take as good care of your house as you did. Took me about a year to get past that fact.
Also, keep in mind that if you have a rental or investment property you might have to claim it on your taxes as income. Talk with a tax pro to find out more. What i would do is put it on the market,priced to sell. May I ask what year you bought down there? I know the market down there isn't at a sellers advantage. We just got orders to Ft.myers beach,and are going to purchase a home down there. Homes are selling,priced right.
