If you’re an Amarillo renter, subletting your rental home or apartment can be an ideal method of generating extra income; but you must be careful because the situation is not always perfect – or legal. Even though your landlord permits subletting, you still need to evaluate the pros and cons before making a decision. In this blog post, we’ll look at both the good and the bad of subletting. For this reason, whether you’re on the fence about subletting or just want additional information, read on!
The Pros of Subletting:
- Extra Money: Subletting your rental home or apartment can be a good opportunity to acquire some additional revenue, especially if you have a spare room you aren’t using or will be away from your apartment for an extended period of time. On these occasions, having a subletter helps you pay your rent and can be a great financial benefit. As long as you get permission from your Amarillo property manager first, it’s a win-win situation for both parties involved!
- Security: If you’re afraid about leaving your rental home vacant while you’re elsewhere, subletting can reduce your worries by allowing someone to watch over the property while you’re away. Subletters who take on long-term leases may also be capable of assisting with any maintenance issues that arise during their stay.
- Avoid Breaking a Lease: If you are obliged to leave your rental home before the end of your lease agreement, subletting might help you avoid penalties or other issues involved with breaking a lease.
The Cons of Subletting:
- Increased Risk: Though numerous subletters are honest and responsible people, there are always risks involved. For illustration, there’s always a risk that they will avoid paying the rent, cause destruction to your rental home, or cause trouble to the neighbors. Before you sublet, carefully vet each potential subletter to confirm that they have a good credit and rental history. Furthermore, make sure that they realize what is expected of them financially and in terms of property maintenance. Plus, you must consider renter’s insurance. Even though you may be properly insured, your coverage does not extend to subletters; make sure they have renters insurance.
- Potential Legal Problems: In certain circumstances, subletting could violate the terms of your lease agreement or even be illegal in some cities and states. Check with your landlord and local laws before beginning the subletting process.
- Losing Control: Subletting might also indicate 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, take into consideration that your roommate will be a stranger who may be hard to cooperate with. If you are apprehensive about this, think about short-term subletting or developing a system where you can regularly check in on the property.
By considering both the pros and cons of subletting your rental home, you can make an informed decision about whether or not it’s right for you. As long as you do your research and get permission from your landlord, however, subletting can be a great way to make some extra cash and give you peace of mind.
Are you in the market for a new rental home? Real Property Management High Plains might have just the place you’re looking for. Browse our listings online or call 806-553-7914.
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.