Over a period of 2 years the price of your home has been losing value fast. The market is completely saturated with wonderful homes at rock bottom prices. Selling your house for a price that you are comfortable with is much harder now than it was with the current situation. Maybe it’s time to consider if you should become a landlord rather than putting your house on the market.

One of the question you must answer is if you can charge enough in rent to cover your mortgage and additional costs. Get a copy of your local newspaper or craigslist and find out what comparable houses go for in your area. Use an amortization mortgage calculator tableau d’amortissement in in the language of love) to figure out how much you are paying off your mortgage and if your monthly rent will cover that amount plus the amount of expected repairs, insurance and other unforeseen factors. One thing you must calculate in is the wait between tenants, if they are only staying for a short period.
Make use of an amortization mortgage calculator (link above) and figure out if you should rather sell your home rather than renting it. If you find it likely for the market to take a turn for the worse rather than go back up, you should probably consider selling rather than becoming a tenant. Also if the added liability of an additional home ownership isn’t your cup of tea, you should rather consider to sell.

Are you ok with the idea that someone else will be living in your castle, sleeping in your bedroom and eating in your kitchen? Can you handle the fact that your house will probably not be returned in the same condition as when you signed the contract? If your home is a big house with a plethora of bedrooms, you will attract families with children, it is a well known fact that children often cause damage to furniture, walls and other precious parts of your home. Will your tenant pay on time, or at all? Does it bother you to wake up in the middle of the night to deal with problems with your house? If any of these questions make your spine shiver, than you should consider a different route for your house.

Take into account that you will not always be available. The only way you can get away with having nice and long vacations away from your city is if you plan ahead. Get a family member, a friend or a property management service to tackle the problems while you are away. Be in touch with electricians, plumbers and other services your house might need in advance and get a special deal with them. Leave their phone numbers on a sticker on the phone or on the fridge. Having the knowledge that your house is in good hands takes a load off your shoulders and makes sure that your vacation will be better than ever.

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