Many first-time home buyers consider renting out a room or portion of their home to tenants to cover some, or even the entirety, of their mortgage. Especially in expensive metropolitan areas in the U.S. http://www.irvineresidentialliving.com/

1. Should You Become a Landlord as a
First-Time Home Buyer?
By
Irvine Residential Living

2. • Many first-time home buyers consider renting out a room or portion of their home to
tenants to cover some, or even the entirety, of their mortgage. Especially in expensive
metropolitan areas in the U.S., this can be a great tactic for making property ownership a
more affordable investment. However, like any major decision over the course of one's life,
there are important pros and cons to consider before becoming a landlord. These include
familiarity with local tenant laws, the possibility of hiring a property manager, and the
impact on your property.

3. Local Tenant Laws
• If you compare tenant laws in one city to the next, you'll notice that they can vary considerably. San
Francisco is a city known for extremely tenant-friendly laws; therefore, you could find it more challenging
to take on the task of being a landlord in San Francisco, especially as a first-time property owner. For
example, if you sign a lease with tenants one year and they decide to stay for more than two, five, or
even ten years, the property value of your home can rise exponentially even though your income from
rental costs remains stagnant due to rent control laws. This can be a frustrating experience, but you can
also incur major fees by undertaking an eviction process. These are examples of just a few issues to
consider from the legal perspective of taking on a landlord-tenant relationship; many landlords do, at
some point, also need to hire a lawyer to professionally handle any conflicts that could occur.

4. Hiring a Property Manager
• If you've never owned a home before, it can be difficult to imagine all of the maintenance that is
required with owning a home. Pipes can burst, lawns need to be mowed, gutters need to be cleaned,
and electrical systems can be faulty. All of these issues take up considerable time and money; instead
of handling on one's own, it can be tempting to hire a third party property manager to maintain the
property and communicate directly with tenants. However, some landlords complain that property
management services are so expensive, they can negate the profitable side of renting out one's extra
space. If you're a first-time homeowner, who's considering hiring a property manager to perform the
duties of a landlord, do a careful cost-benefit analysis first to decide if services are worth the cost.

5. Impact on Your Property
• Often, when someone buys property, they care about maintaining it well because
they have invested their hard-earned money into it. Tenants do not always care
as much about their long-term impact on the house because they aren't
necessarily living there on a long-term basis. Therefore, it's important to choose
tenants wisely, rather than accepting whoever is willing to pay the rent. If you
accidentally find yourself renting to an extreme hoarder or another character
who does not care about destroying your property, the costs can ultimately
outweigh any profits from rent, and it can be a legal headache to receive
adequate reparations.

6. Thanks for Watching
• Irvine Residential has been catering to the real estate demands of the people
interested in buying property in Irvine since a decade. You can explore and array of
Condos, Townhouses, and homes for sale. If you want to inquire about a property, we
are just a call away at (714) 454-6304.
• Web : http://www.irvineresidentialliving.com/