Raja housing review for Better Option: Renting or Owning Your Apartment

Most of the apartment owners think over the idea of renting out their homes though they may be in need of extra income to save money or pay down bills, or mortgages as well.  Although, homeowners who are unable to sell their apartment at their expected price due to market down, they may choose to rent their apartment until the market strategies improve.

But, renting involves far more than handing over the keys and collecting the rental amounts.  Hence, it is important to evaluate the pros and cons of renting an apartment before doing so.  There are numerous benefits in renting an apartment, but there are also some disadvantages.  Here are some points, which one must consider before renting their apartment:

Organize your apartment
Before renting your apartment, organize it by cleaning it thoroughly and ensure all appliances in your apartment are working and in good condition.

2. Understand the responsibility involved

First, determine whether you can handle the obligation of renting your apartment and it is secure to presume that things may sometimes fall short.  As a landlord, it is now your responsibility of maintenance, collect rent, and pay your home insurance policy.  Though now you are the landlord, try to avoid creating more fuss to your tenants by interfering and keeping an eye on your tenant's housekeeping skills.

3. Consult your attorney

Before renting your apartment, consult your attorney to ensure that you abide to tax laws and rules of the local properties.  According to IRS the rental income should be documented on your tax return and you will qualify for tax deductions.

4. Cost of the rent
Before setting a cost as rent to your apartment, make a little research and check for the rental value on the surroundings of your area.  Keep in mind, as prospective tenants will be looking for deals, so set an attractive price as rent and make sure you highlight all the most important features of your home.

5. Choose your tenant carefully
Once you have shown you apartment to a tenant, be very careful in choosing a genuine tenant, ask for their identify proofs to be more secure and if you have time check for the tenants background and credit histories.  When you found your right tenant, ask for a reasonable security deposit, which is also termed as advance, arrange an appropriate payment schedule and explain them all the terms and conditions that you would have prepared.
 
The benefits of renting are many that include avoiding the damage caused by letting your apartment sit vacant, tax deductions, generating income that may cover some of your bills or insurance.

During market down, renting your apartment is an ideal idea until and unless the apartment owners don’t create too much frustration to the tenants though it is still your apartment.