In life, there are many misconceptions and errors people hold for almost every subject, and renting out property is no exception. As a result, potential renters can be hesitant to take the leap because of imagined issues.
In our latest blog, we aim to set the record straight about common rental myths so you can make an informed decision about your property and finances.
Myth #1: Renting Out Property Is Complicated
Often, one issue potential renters seem to always bring up is the complex nature of renting. Having likely been a tenant themselves, they can come away believing the process is exceedingly complicated for renters to manage.
The truth is that renting property is actually pretty simple. Once most of the upfront paperwork and planning is complete, renting becomes simple, especially with a good tenant. You could also mitigate complexity by working with a team that will set up your rental property and all necessary paperwork on your behalf.
Myth #2: Finding A Good Tenant Is Difficult
Our second common myth associated with renting out property is that finding a good tenant is a hassle or even impossible to do. Here, stories of terrible, destructive tenants are used as examples against renting. However, those stories are noteworthy because they are exceptions, not the rule.
Most tenants are actually great, only ever causing minor, predictable damages or issues. While we can’t guarantee that your tenant will be perfect, the chances of having an extraordinarily difficult/destructive tenant
Myth #3: Renting Property Is Expensive
The third myth on our list concerns the expenses of renting out property. There is often a misconception that it takes a large upfront investment before renting, plus pricey maintenance costs during the lease. While you may need to invest in your home depending on its current condition, maintenance normally is not that much.
Also, when setting the price of your rental property, it is important that you factor in any maintenance costs so you still net a profit from the property.
Let Lozano Help Your Rental Journey
At Lozano Real Estate Group, we know that there can be some anxiety about renting out a property. That’s why we offer rental services that help you set up the property, find a tenant, and produce a mutually-beneficial relationship between you and your tenant.
For more information, visit our website or give us a call to speak with a member of the Lozano team!