Make Sure You Know the Facts Before Renting Your Vero Beach Home

There are many great Vero Beach area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (772) 321-6905 for a FREE home buying or selling consultation to answer any of your real estate questions.

In today's market, many people are having trouble getting the price they want for their home. This leads them to consider renting their home to earn the money they expected from the home sale. Renting is great for some people, but is a bad idea for others; it just depends on your specific situation. Here are 6 things you should consider before making the decision to rent:
  1. You will need to budget for your fixed expenses. Most importantly, your mortgage payment - which includes principal interest, taxes, and insurance.
  2. You need to take monthly fees into consideration as well. This includes lawn and pool care, as well as homeowners association dues.
  3. Budgeting for vacancy rates is also necessary. For whatever reason, a tenant may not be able to fulfill the agreement and  you need to be sure you can afford to pay for the property without a month or two of rent a year.
  4. Miscellaneous repairs will need to be taken into account as well. You are still responsible for the inevitable day-to-day problems every homeowner is familiar with.
  5. Tenants may damage the home, so you need to be prepared to fix any problems caused by any former tenants.
  6. You need to consider the opportunity costs of foregoing the money you could have received during a home sale. Is there a better investment, with fewer risks, you could make?
Renting is difficult because you really don't have any control over the property. You need to carefully analyze the situation before turning one of your most valuable assets over to a tenant. If you would like more advice on the subject or are interested in buying or selling a home in the Vero Beach area, I would be happy to talk with you.