Renting your home out may sound like an appealing option as a second source of income, but there are a few things to consider before you look for a renter. You will need to think about choosing a long term or short term rental property, the amount of time and work you will spend being a landlord, and the wear and tear that can affect your property while renting it out.
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1. Long Term Rental V Short Term Rental
When considering renting out your property you need to decide whether you will do a long terms rental (12 month+ lease) or a short term rental (few days to a month long stay). If you are considering doing short term rentals like turning your home into an airbnb or week long vacation rentals you will need to look into your towns short term rental regulations. You can find Massachusetts short term rental laws here. Long term rentals for a 12 month or more leases have their own rules and regulations and it is also important to keep in mind that Massachusetts has very strong tenant rights that you can see here.
2. Landlord Responsibilities
There is a lot to think about when becoming a landlord. You will be responsible for maintenance and communication. If you decide to rent short term you will be responsible for bookings, checking guests in and out, cleaning and maintaining the property. If you aren't able to do the maintenance yourself you will need to know reliable and trustworthy electricians, plumbers, contractors etc. to send to your property to resolve any issues.
3. Wear and Tear
You also need to consider extra wear and tear on your home. Whether you will have one renter for a year or multiple renters throughout the year things will break and wear down. If you will be doing short term rentals the property will need to be furnished so you may need to replace furniture or appliances over time. With multiple groups of people going in and out of your home it is more likely that drains will clog and there may be messes made on floors or furniture. With long term rentals, renters may nail holes in the walls or not keep up with the cleanliness of your property which could cause deterioration.
Renting your home can still be a viable and lucrative option but it is important to understand what goes into becoming a landlord and leasing your property when considering renting or selling your home.
Only real estate professionals who are members of NATIONAL ASSOCIATION OF REALTORS® may call themselves REALTORS®. All REALTORS® must subscribe to NAR’s strict code of ethics, which is based on honesty, professionalism and the protection of the public.