If you’re a Madison Heights renter, subletting your rental home or apartment can be an appropriate way to make some extra money; but take note, you need to be careful because the situation is not always perfect – or legal. Even though your landlord permits subletting, there are pros and cons that you need to weigh carefully before making a decision. In this blog post, we’ll look at both the good and the bad of subletting. So, whether you’re on the fence about subletting or just going after more information, read on!
The Pros of Subletting:
- Extra Money: Subletting your rental home or apartment can be the best thing or means to make a bit extra money, specifically if you have a spare room you aren’t using or will be absent from your apartment for an extended period of time. In these conditions, having a subletter help you pay your rent can be a great financial benefit. As long as you procure permission from your Madison Heights property manager first, it’s a win-win situation for both parties involved!
- Security: If you’re troubled as regards leaving your rental home vacant while you’re away, subletting can relieve your fears by allowing someone to watch over the property while you’re far away. Subletters who engage in long-term leases may additionally be available to help with any maintenance issues that come about during their stay.
- Avoid Breaking a Lease: If you have to leave your rental home before the end of your lease agreement, subletting can endow a way for you to avoid penalties or other dilemmas linked with breaking a lease.
The Cons of Subletting:
- Increased Risk: Despite that several subletters are honest and responsible individuals, there are always risks involved. As an example, there’s, at all times, the risk that they could avoid paying the rent, give rise to harm or damage to your rental home, or trouble the neighbors. Before you sublet, heedfully vet each potential subletter and make certain they have the right credit and rental history. Furthermore, make certain that they clearly know what is expected of them financially and in terms of property maintenance. You equally need to look into renter’s insurance. Even though you may be successfully insured, your coverage does not extend to subletters; be sure they have renters insurance.
- Possible Legal Problems: In many cases, subletting could violate the terms of your lease agreement or even be illegal in certain cities and states. Check with your landlord and local laws before you get started with the subletting process.
- Losing Control: Subletting can furthermore imply that you’ll have less control over who is living in your rental home and how it’s being taken care of. If you are subletting a room, remember that your roommate will be a stranger and may be tough to live with. If you’re concerned regarding this, think of trying short-term subletting or having a system where you can regularly check in on the property.
By taking into consideration both the pros and cons of subletting your rental home, you can make an informed decision about whether or not it’s perfect for you. As long as you do your research and get permission from your landlord, indeed, subletting can be the best means to make additional cash and present you with peace of mind.
Are you in the market for a new rental home? Real Property Management Advantage might have just the place you’re searching for. Browse our listings online or call 248-554-1010.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
