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It’s not for everybody, but if you decide to rent out your home, here are some things to consider: Wear and tear: Tenants and pets can be hard on the home, especially on the carpet and paint. It’s a good idea to replace any carpet with tile or vinyl planks and avoid using flat paint on the walls. A budget for repairs: As a
of the lease documents. A property manager can provide expertise on tenant/landlord laws and keep you out of expensive tenant litigation. Taxes: If the home is no longer your primary residence, you may have to pay higher property taxes. Moreover, when you sell, you may have
to pay capital gains tax. Engage the services of an accountant with real estate experience to help you prepare for and avoid the pitfalls of tax time. Property values: Playing the real estate market is a bit like the stock market. There is no guarantee they will consistently go up year after year. If prices fall, you lose equity, plus the rent values will also likely decrease. Dayv Morgan is a Maricopa Realtor
O VER THE LAST YEAR AND A HALF, interest rate hikes have curbed sales from their record pandemic highs. However, the Federal Reserve has signaled it’s ready to cut rates this year. As we wait to see when those expected cuts come to fruition, you might want to turn your home into a rental property and draw some income while the market heats up. Renting your home? Keep these tips in mind BY DAYV MORGAN
landlord, you’ll need to budget for repairs, not only for when the tenant vacates but to be prepared in case the air conditioner goes out in the middle of a lease. Consider a home warranty plan. If you have nice landscaping or a pool in the backyard, you may want to hire someone to maintain them and include those costs in the rent amount.
and owner of HomeSmart Premier.
Credit and background screening: To protect yourself, this is a must. The application alone is not enough to tell the worthiness of a prospective tenant. You want them to pay the rent every month — on time. Hire a property manager: If you want to be a landlord minus the related responsibilities, hire an experienced professional to manage the marketing, screening of applicants and drafting
480-251-4231 DayvMorgan@gmail.com MaricopaHomeSmart.com
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Visit Anderson Farms today Latitude | Plan 3580 Next Gen® - The home within a home®
Walk-In Closet
Covered Patio
Owner’s Suite 15' 5" x 13' 8"
Bath
Laundry
2,105 sq ft 4 beds • 3 baths 2-bay garage
Walk-In Closet
Great Room 13'-8” x 16' 9"
Dining 8' x 14' 5"
Bedroom Next Gen 12' 2" x 12' 3"
Main home 1,464 sq ft Next Gen® suite 641 sq ft
Bath
Kitchen
Revolution | Plan 4083
Kitchenette
Next Gen Living 12' 8" x 15' 6"
Bedroom 2 10'-1” x 10'-7”
Anderson Farms 36555 W Maddaloni Ave. Maricopa, AZ 85138
Foyer
Bath 2
2-Car Garage
Porch
520-231-4176 Lennar.com
Bedroom 3 10'-1” x 11'-1”
Please see your New Home Consultant and/or home purchase agreement for actual features designated as an Everything’s Included feature. Features, amenities, floorplans, elevations and designs vary and are subject to changes or substitution without notice. Items shown are artist’s renderings and may contain options that are not standard on all models or not included in the purchase price. Availability may vary. Square footage is estimated; actual square footage will differ. Garage/bay sizes may vary from home to home and may not accommodate all vehicles. Price subject to change without notice. Prices do not include closing costs and other fees to be paid by buyer (including a builder fee as described in the purchase agreement) and are subject to change without notice. This is not an offer in states where prior registration is required. Void where prohibited by law. Copyright © 2024 Lennar Corporation. Lennar, the Lennar logo, Everything’s Included, Everything’s Included logo, Next Gen and Next Gen logo are U.S. registered service marks or service marks of Lennar Corporation and/or its subsidiaries. No offer to sell or lease may be made or to purchase or lease may be accepted prior to the issuance of an Arizona Public Report. A Public Report is available on the State Real Estate Department website www.azre.gov. Seller’s broker: Lennar Sales Corp. Constructed by Lennar Arizona Construction, Inc., ROC 228129B. Lennar Arizona LLC d/b/a Lennar Homes, ROC 232731B. Lennar Communities Development, LLC, ROC 137295KA.
February 2024 | InMaricopa.com
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