Wednesday, February 15, 2012

Being a tenant and a landlord

I have been on the both sides of the real estate business; being a tenant and a landlord and I guess other people have the same experience since first we rent it and then owe our own place but most likely don’t become a landlord. Being a tenant has its advantages and disadvantages (more of that in another post). Even when you are trying to rent you don’t want a dump to live in and try to get as much of your expectations in the form of rental and according to your budget. But it really not that easy to find the perfect rental or the perfect landlord and you have to also be the model tenant and don’t become a pain in the neck for little things that you find in the house as annoyance. Remember you are a tenant because you don’t want to take care of the maintenance but that does not mean that you don’t have to take of it for your own living.

Being a landlord is just the opposite with more hassle. You do have to find good and on time paying tenants for your house then you have to make sure the house is habitable enough for your prospective tenant. You don’t have to cater to every small detail that your tenant will desire but your place should be habitable to them. Although a being a landlord can increase your income and support your mortgage but you should plan to have some money in case of unexpected emergencies and usual wear and tear of the house. And believe me I know this since I have been a landlord for the last 11 years and it is not easy but if you have some extra money invest in some real estate and rent out your place it is worth the effort.

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