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To Lease Or Not To Lease

October 26, 2008

So we are thinking of leasing out our house for a year or two until the market goes back up. There are pros and cons to this. I have never done this before so I am still working it all out in my head…and apparently my blog too. So here is my list of pros and cons. Have you done this before? What else do I need to consider that I haven’t thought about yet?

Pros
– the market sucks really bad right now
– it as a better chance of leasing sooner than selling (which means we get out of Fort Worth quicker)
– we basically have someone else making our mortgage payment for us for a couple years which is awesome for escrow
– could make several thousand dollars more when the market is good

Cons
– still have a house to worry about
– a home warranty doesn’t cover things like the wind blowing down the fence
– they might not take care of the house
– not sure about the roofing over the back porch (don’t really wanna mess with it but it might be best to get rid of it for good)
– I hope the tennants pay their rent
– I have to pay a property managemant company to run the whole thing

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