When people are suddenly forced to shoulder the burden of an unwanted property or house, they often turn to renting it out as the solution. After all, it’s allowing someone to pay the costs of living there and it prevents the property from just sitting there, dormant. However, before folks set out to pursue this course, they should note that there’s quite a bit more to being a landlord. If you’re interested in pursuing a way to unload the burden of your unwanted property, Colorado All Cash is here to help. We’ve compiled a couple of common issues that you might come across while dealing with your tenants so that you can prepare yourself if you want to rent, or if you’d rather pursue a way of selling your house efficiently for cash.
The important thing to remember about tenants is that whether they’re great people or not, they won’t be invested in the maintenance of the property as much as you are. Even if it’s an unwanted property, you probably don’t want it trashed. The trouble is they won’t care about that. One of the ways to avoid dealing with potentially unruly renters is to hire a property management company to handle the maintenance and tenants, but that costs a pretty penny. If you don’t have the money to hire one of those, you’ll have to do all that dirty work yourself.
The thing that most folks don’t factor into their rental costs is the vacancies they might experience. This is usually a problem at the beginning of the term when you decide to rent. Sometimes, the place can sit vacant for a pretty long time, earning you no money to pay for its upkeep. Oftentimes, when a property is vacant, it’s accruing more costs than it would if it was occupied by a good tenant. You’ll have to personally maintain the property, clean it, and make sure it remains appealing so that if anyone wants to shop the place, they won’t find it dusty and dingy. You’ll have to mow the grass, care for the walkways, and much more. If this problem happens a couple of times, your slim margins of profit will disappear quickly. The thing a rental can take the most of is time and that is the resource of the highest value.
When most people think of renting, the immediate devil’s advocate response is that they might get bad tenants. Before you discount this, think back to your first set of roommates when you were renting a place with other people. Chances are that at least one of your roommates treated the property terribly. Your career as a landlord has yet to begin, but everyone knows you’ll have a bad renter sometime soon. That can range from paying late to refusing to pay and forcing you to evict them, or violating their lease terms. The property will most likely accrue some sort of damage that will be costly to fix. These damages are caused by folks bringing in pets, even though they’re not supposed to. They could run up the electricity and water bills, play loud music and make the neighbors call the cops, or refuse to mow the lawn. There are actually more ways for a tenant to be terrible to the landlord than not.The expenses you have to pay to keep a tenant that’s barely paying the mortgage on the property could be enough to convince you to cut your losses.
Renting a property comes with liability risks you probably aren’t even aware of. If tenants are injured while on the property due to inadequate maintenance, the landlord is held responsible and the case could go to court if the tenant wants it to. These could easily be fraudulent statements too, which will still be handled in a court of law and may require you to hire a lawyer to protect yourself. As you already know, lawyers are expensive and could cost quite a bit depending on how long the case lasts. You could be accused of discrimination against prospective tenants which can rack up court fees as well. All of these unpredictable variables can often take that razor thin profit margin and destroy it.
Try Cash For Homes Instead
Rather than trying to turn a profit from a house that’s the product of divorce or a will that needs to start gaining profits for whatever reason, try a cash for homes company like Colorado All Cash. We’re dedicated to making every quicksale personal and completely in your interest. We understand the burden of an unwanted house and how pressing it can be to try and relieve yourself of this property. Trying to turn a profit from an unwanted property via rental opportunities is difficult and is more likely to accrue unplanned costs than it will profit. Avoid the legal documents and lease agreements and try selling your house fast through Colorado All Cash. Contact us today to sell your Fort Collins or Loveland house now.