Hey,
Have you ever sat in your room and thought what if I change my primary home to rental income? Converting your primary residence into a rental-investment property is not easy. There are a lot of aspects you will need to know in the process. Read about them below. Turning primary residence into rental is a possibility. It is a good option when the housing market is suffering and you wish to earn more income. Here are a few things you will need to think about :Landlord :You need to decide if you want to be a landlord. You will need to make sure you can offer terms and conditions to tenants. Details about the same will be mentioned in the rental agreement. Mortgage :You need to rethink if you need to refinance your mortgage. If you mortgage your primary property, you will get lower interest rates as well as lower down payments.Insurance :You will need to update your insurance policy as the house will now be a rental property. Get a Landlord insurance to safeguard yourself.A tip I would like to give you is to check out real estate websites. You can post a free ad of your property on the NoBroker site. Once your property is verified it will be listed online. Tenants will contact you then. This is all from my end on what if I change my primary home to rental income. If you want help with drafting a rent agreement, Check out NoBroker Rent Agreement Services for a hassle free experience.Need help with managing your property ?Explore NoBroker's Property Management Services to save time and money.Read more :What is landlord tenant law ? Can landlord sell property during lease? Where to file complaint against landlord in India?
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What if I change my primary home to rental income ?
Hridya
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April 23, 2022
2022-04-23T12:15:20+00:00 2022-04-23T12:15:21+00:00Comment
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