If you’re a White Plains renter, subletting your rental home or apartment can be an efficient way to make some extra money; but take note, you need to be careful because the situation is not always perfect – or legal. Even supposing your landlord agrees with subletting, there are pros and cons that you need to weigh in very carefully when 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 seeking more information, read on!
The Pros of Subletting:
- Extra Money: Subletting your rental home or apartment can be the best means to make a little extra money, especially 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 cases, having a subletter help you pay your rent can be a big financial benefit. As long as you secure permission from your White Plains property manager first, it’s a win-win situation for both parties involved!
- Security: If you’re anxious about leaving your rental home vacant while you’re out, subletting can help allay your fears by bringing in someone to watch over the property while you’re away. Subletters who agree to long-term leases may likewise be agreeable to help with any maintenance issues that pop up during their stay.
- Avoid Breaking a Lease: If you have to leave your rental home before the end of your lease agreement, subletting can offer a useful way for you to avoid penalties or other issues closely involved with breaking a lease.
The Cons of Subletting:
- Increased Risk: Conceding that plenty of subletters are honest and responsible individuals, there are always risks involved. By way of illustration, there is usually the risk that they could stop paying rent, bring on damage or harm to your rental home, or disturb the neighbors. Before you sublet, closely vet each potential subletter and ensure they have an excellent credit and rental history. In addition, be sure that they have an idea of what is expected of them financially and in terms of property maintenance. You also need to carefully consider renter’s insurance. Even though you may be sufficiently insured, your coverage does not extend to subletters; be certain they have renters insurance.
- Possible Legal Problems: In most circumstances, 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 embark on the subletting process.
- Losing Control: Subletting can further 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, bring to mind that your roommate will be a stranger and may be so difficult to live with. If you’re apprehensive about this, think about trying short-term subletting or putting together a system where you can regularly check in on the property.
By carefully pondering both the pros and cons of subletting your rental home, you can make an informed decision as regards whether or not it’s excellent for you. As long as you do your research and get permission from your landlord, undoubtedly, subletting can be an effective way to make a lot more extra cash and provide you peace of mind.
Are you in the market for a new rental home? Real Property Management DePenn might certainly have just the place you’re looking for. Browse our listings online or call 866-820-9913.
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.
