Pitfalls of Renting Your Home
Renting out a home offers a solution to many homeowners who are unable to sell, but want to move. Landlords face serious challenges and responsibilities once they enter the world of real estate rental. According to the law, the liability of a landlord is significant and something to take seriously.
Landlords Are Considered to be in Business
According to the IRS, once you become a landlord, you are responsible for accounting for rental income and expenses for tax-filing purposes. The IRS expects a landlord to file taxes as a business owner. A new landlord's taxes are not the only change to be managed as there is a high probability that the insurance company is going to also want higher premiums. Insurance underwriters view rental property differently than owner-occupied property and typically upgrade the insurance to cover the property's higher-risk status. New landlords looking to save money should never consider trying to mislead the insurance company by not reporting the change. Updating your property as a rental is very important: The insurance company could refuse to pay a claim if the owner does not update the policy. A responsible landlord immediately contacts the insurance company for continued full coverage.
Landlords Are Legally Responsible for Tenant Safety
Landlords are held responsible for the safety of their tenants. If a tenant is harmed on the property, the landlord can be held liable if there is any reason to suspect negligence. For instance, if a fire breaks out in a rental property and the fire detectors do not awaken the tenants, the landlord can be held liable and sued for a substantial amount of damages.
The Property Could Be Damaged
Horror stories abound about bad tenants that damaged property, moving out in the middle of the night and leaving trash and devastation in their wake. A landlord's worst nightmare includes property requiring major repairs as a result of bad tenants. Prudent landlords screen prospective tenants to lessen the risk of property damage and subsequent financial loss.
Homeowner Sales Proceeds
By renting a house before ultimately selling it, a homeowner stands the risk of losing the $250,000 tax exemption on gains. Once the house sells, the homeowner will be taxed based on the amount of profit earned from the sales proceeds. To qualify for the tax exemption, a homeowner must live in the property at least two years out of the most recent five years prior to the sale. This possible monetary consequence of renting your home is a huge factor to be considered for the owner who is renting, with a goal of ultimately selling the house as soon as possible.
Landlords Are On Call for Tenant Problems
Landlords must be available to deal with tenant problems in a timely manner. If a tenant's toilet gets clogged, the landlord must be able to handle the problem himself or have a plumber fix the problem. Other problems landlords must deal with are heating and air conditioning issues, roof leaks, hot water heater issues, rodent and bug infestations and anything related to the upkeep of the home.
Should You Buy a House or Rent an Apartment?
www.realtor.com/.../should-you-buy-a-house-or-rent-an-apartment.aspxBuy or rent? There's no one-size-fits-all answer to that. Although some people will tell you it's always better own your home rather than to rent, your own ...
5 Advantages & Disadvantages to Owning Your Own Home -
voices.yahoo.com/5-advantages-disadvantages-owning-own-home...Feb 27, 2008 5 Advantages & Disadvantages to Owning Your Own Home Don't Be Too Eager to Sign on the Dotted Line!
Home Buying: What are the advantages/disadvantages of having
www.trulia.com/voices/Home_Buying/...disadvantages_of_having_sl-69552What are the advantages/disadvantages of having slab vs raised foundation in SoCal? Find answers to this and many other questions on Trulia Voices, a community for ...
The Advantages And Disadvantages Of Getting A Contract For
ezinearticles.com FinanceJun 04, 2007 The Advantages And Disadvantages Of Getting A Contract For Deed For Your Home Loan. By Alan Lim
Tax Rules On Renting Your Vacation Home Bankrate.com
www.bankrate.com/finance/taxes/tax-rules-renting-vacation-home.aspxWant to put your vacation home to work? Renting your vacation home could be the answer. Just make sure you know and follow the IRS tax rules.
Five Advantages and Disadvantages of Owning a Home - Yahoo!
voices.yahoo.com/five-advantages-disadvantages-owning-home-1342933...Apr 01, 2008 I have owned a home for twelve years. I've listed five advantages and disadvantages of owning a home, compared to renting. Don't get me wrong, I love ...
Advantages and Disadvantages Working From A Home Office
ezinearticles.com Business Small BusinessNov 24, 2007 Many people are opting to leave the corporate office business buildings and remain at home to work. Working from a home office is growing in popularity as ...
Advantages and Disadvantages of Owning a Home
www.incharge.org/.../advantages-and-disadvantages-of-owning-a-homeLearn the pros and cons of homeownership and comparing owning a home to renting.
Renting a Home - Mi propia casa / Home of my own
nmhomeofmyown.org/renting/renting_pdf/AdvantagesDisadvantages.pdf PDF fileRenting a Home: Advantages and Disadvantages of Renting David P. OBrien Ph.D. For many, renting is the rst step to homeownership and for others it is a long-term
What is the advantages and disadvantages of renting a home vs ...
answers.yahoo.com/question/index?qid=20100512063339AAHlwyPLast updated: May 12, 2010 4 posts First post: May 12, 2010May 12, 2010 Best Answer: Upsides of renting: You can move anytime you like (aside from the lease requirements for a year or 2) You are normally not responsible for any ...
Lease to own Home Pitfalls - Potential Problems with Lease to
www.articlesbase.com BusinessSo everyone paints a rosy picture of easy home ownership through lease to own home contracts. But this type of arrangement may not be right for everyone. If you are ...
How Rent-to-own Homes Work - HowStuffWorks "Home and Garden"
home.howstuffworks.com Real EstateThere are many advantages and disadvantages of rent-to-own homes. Learn about the advantages and disadvantages of rent-to-own homes at HowStuffWorks.
The perks and pitfalls of refinancing your home - Yahoo! Homes
homes.yahoo.com/news/perks-and-pitfalls-of-refinancing-225042170.htmlThe perks and pitfalls of refinancing your home Does refinancing actually make sense for you? Consider these potential perks and pitfalls of getting a new home loan.
Public ownership of your business, advantages and disadvantages
www.myownbusiness.org/public_ownershipGoing public is not a realistic choice for most businesses. But for a business with a growing and sustainable product or service, public ownership could become an ...
How to rent out your house - MSN Real Estate
realestate.msn.com/article.aspx?cp-documentid=13108372It doesn't take much to turn an ordinary homeowner into a landlord. Maybe you have to move but want to keep your home and rent it out. Or you have a change of fortune ...
Cleveland Rent to Own Homes - Advantages - Disadvantages
www.clevelandohiomortgage.com/rent-to-own.aspAre you looking for a rent-to-own home in Cleveland? Read about advantages and disadvantages of rent-to-own and then decide if you want to apply.
How to Rent Your Home for a Movie or Catalog Shoot eHow
www.ehow.com Personal Finance Real Estate Renting a HomeHow to Rent Your Home for a Movie or Catalog Shoot. Lights, camera, paycheck! Getting your home in a movie, on TV or in the next glitzy housewares catalog can be
What are the advantages and disadvantages of buying a house
answers.yahoo.com/question/index?qid=20060829020829AAhqTIsLast updated: Aug 29, 2006 9 posts First post: Aug 29, 2006Aug 29, 2006 Best Answer: In most cases, it will be better for you to get a mortgage. Even Bill Gates has a mortgage on his home. The reason being is that interest ...
Advantages and disadvantages of owning a mobile home - by
www.helium.com Real Estate Buying & Selling HomesMobile homes are an affordable alternative to owning a traditional house. However, there are both advantages and disadvantages to owning a mobile ..., Aaron Conor
Franchising your business advantages and disadvantages
www.myownbusiness.org/franchising_your_businessA well executed franchise program can expand a sound business concept into a world-wide organization. In this session you will learn how to franchise your business ...
The Advantages and Disadvantages of Working from Home
www.freelanceapple.com/...and-disadvantages-of-working-from-homeThere are two types of freelancers, the first who work from home and the second those who rent office space and go out to work. They both have their advantages and ...
The Five Disadvantages of Solar Power Again - Home Energy Pros
homeenergypros.lbl.gov/profiles/blogs/the-five-disadvantages-of...Does Solar Power Have Disadvantages? How Can Anyone Say This About Renewable Energy? Posted by Tom Delconte on www.homeenergypros.lbl.gov Comments by Don
Renting Your First Home in Canada - Canada Mortgage and
www.cmhc.gc.ca/odpub/pdf/66164.pdf PDF fileCanada Mortgage and Housing Corporation 1 A Home of Your Own If you are new to Canada,one of the rst things you will probably need to do is nd a place you and ...
How to Rent out a Room in your Home eHow
www.ehow.com Personal Finance Money Managing Frugal LivingHow to Rent out a Room in your Home. Are you having trouble making your mortgage? Are you short several hundred dollars every month trying to pay your house payment?
0 komentar
Posting Komentar