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Leonard Clementi
Works at Clementi Real Estate Consultants
Lives in Peoria, AZ
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Should I rent my House if I can sell it?

A recent study has concluded that 39% of buyers prefer to rent out their last residence rather than sell it when purchasing their next home.

The study cites that many homeowners were able to refinance and “locked in a very low mortgage rate in recent years. That low rate, combined with a strong rental market, means they can charge more in rent than they pay in mortgage each month, so they are going for it.”

This logic makes sense in some cases. We at KCM believe strongly that residential real estate is a great investment right now. However, if you have no desire to actually become an educated investor in this sector, you may be headed for more trouble than you were looking for. Are you ready to be a landlord?

Before renting your home, you should answer the following questions to make sure this is the right course of action for you and your family.

10 Questions to Ask BEFORE Renting Your Home

1.) How will you respond if your tenant says they can't afford to pay the rent this month because of more pressing obligations? (This happens most often during holiday season and back-to-school time when families with children have extra expenses).

2.) Because of the economy, many homeowners can no longer make their mortgage payment. What percent of tenants do you think can no longer afford to pay their rent?

3.) Have you interviewed a few experienced eviction attorneys in case a challenge does arise?

4.) Have you talked to your insurance company about a possible increase in premiums as liability is greater in a non-owner occupied home?

5.) Will you allow pets? Cats? Dogs? How big a dog?

6.) How will you actually collect the rent? By mail? In person?

7.) Repairs are part of being a landlord. Who will take tenant calls when necessary repairs arise?

8.) Do you have a list of craftspeople readily available to handle these repairs?

9.) How often will you do a physical inspection of the property?

10.) Will you alert your current neighbors that you are renting the house?

Bottom Line
Again, renting out residential real estate historically is a great investment. However, it is not without its challenges. Make sure you have decided to rent the house because you want to be an investor, not because you are hoping to get a few extra dollars by postponing a sale.
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Have him in circles
20 people
Marcia Jensen's profile photo
Michael Kosatka's profile photo
Ryan Cramer's profile photo
T KEHAULANI JOHNSTON's profile photo
Ric Snapp's profile photo
Paulette Sorce's profile photo
Ashli Tuton's profile photo
Work
Occupation
REALTOR
Skills
Residential Sales, Land Sales, Short Sale Specialist, Investment Property, Relocation
Employment
  • Clementi Real Estate Consultants
    REALTOR/Owner, 1 - present
    Residential Real Estate Sales specialist with 26+ years experience. I specialize in the Peoria, Glendale, Surprise, Laveen, Avondale and Phoenix markets. We have a highly trained team dedicated to negotiating short sales and have helped hundreds of Arizona residents with their short sale. If you're thinking of buying or selling a home now or in the near future give me a call. 602-266-7800
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REALTOR
Introduction

We believe that excellent service and a reputation for honesty, integrity and reliability are just as important as helping you find the home of your dreams, and effectively marketing your current home for sale.  We specialize in the Peoria, Glendale, Surprise, Laveen and Phoenix market place. 

Our website, www.clementiRE.com, provides seamless access to 1000's of properties for sale, FREE home value quotes, tips and advice for both buyers and sellers, local community and school information, fully interactive mortgage tools, answers to frequently asked questions, and much more.

Our goal is to provide you with superior service at all times and give you all the information you need to make a wise decision.

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Currently
Peoria, AZ
Previously
Rochester, NY - Boston, MA
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