Any idea how to rent your home in Bay Area? We bought a home recently but the commute is killing us. So planning to rent out the place and move to a closer location. How does this work?
Unless you know the ins and outs of renting a place, get a property manger to handle it. People are lawsuit crazy and if you don't have a proper lease/rental agreement with all the required disclosures, you're leaving yourself open for a lot of headaches. They will also find a tenant and do all the vetting, advise on how much rent, deposits, etc...
Post it for rent. Hold an open house for 4 hours on Saturday. Collect applications. Pick a tenant. Send then a lease and means to collect rent such as bill pay or cozy. Make sure your mortgage allows you to rent (there are often 1 or 2 year minimums) and consider incorporating it. Make sure your rent covers all payments plus maintenance. That's mostly it...
Do not for the love of god rent it to a bunch of new grads. My last tenant trashed the house and needed to have floors replaced since they had set up beer pong on my hardwood floors.
I recommend using a realtor or service. I own many properties. Don't underestimate cost of a bad tenant.
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If rent covers your mortgage + taxes, do it. Otherwise stay for a while if you can
It doesn’t break even. But shorter commute will improve the quality of our life a lot. Or at least that is what my spouse says.
Your spouse is right about the commute. A nice short commute can drastically improve mental health. If that gives you more time to workout, it can improve your physical health too.