Sell Your House Quickly And Simply
Renting out your house can be a good way to make some extra money. However, this job can become very difficult and time consuming. Tenants might stop paying their rent and you have to go through an eviction process. You might have the phone ringing in the middle of the night to report that the boiler broke, or you may have to face constant repairs. Sometimes you even have to deal with problem tenants. If you are a landlord, you may have had clients who did not pay their rent or even destroyed the property before moving out, leaving you with huge repair costs!
When a tenant stops paying rent due to a job loss or any other reason, it can take up to 3 months for you to have that tenant evicted. Meanwhile, you will be paying the mortgage payment without any rent money to cover it. Additionally, 99% of bad tenants will destroy your furniture and leave you to clean and repair the property before you can rent it out again. On today’s market, your property can stay empty for some time, leaving you without rent for months. If you want to stay out of trouble with the lender, you need to make sure that you have a cash buffer to make those mortgage payments while the house is unoccupied.
Many tenants get confronted with news that their landlord wants to sell the property they live in. Sometimes, you might just receive a notification that this has already been done and you have a new landlord you know nothing about. As frighting this might seem, you don’t need to worry about it too much.
However, your new landlord might have entirely different plans for the property and that might mean you will get evicted. It may be stressful at the time, but it’s important to stay collected. Regardless of what anyone might try to say, you still have your tenant rights.