Considerations of Home Renting

Considerations of Home RentingEarlier this year, we discussed the potential Risks of Renting out Your Home. Although these are important factors, there are more considerations to be made when deciding to rent out your home for an extended period of time. Regardless of your motive for renting your property, be sure to protect your investment with CT Homeowners Insurance.

Tax Implications- Renting a property can offer tax advantages. Filing a Schedule E will report your rental income while also allowing you to claim any deductions you might be eligible for. Depending on the length of time you wish to rent out your property, you might be exempt from these additional forms. For example, Forbes states that if you rent the property for less than 15 days throughout the tax year, rental payments are not considered income.

Protecting Your Property- As we mentioned in our previous rental post, various risks are involved with tenants in terms of damaging property. To further protect your belongings, you might consider asking for one month’s rent and additional compensation for security deposit upon move-in. Experts also suggest finding a landlord to manage your property if you plan on renting the property for extended amounts of time. However, this will typically cost you an additional 15 to 20 percent more than your homeowner’s insurance premium.

Real Estate Agent or DIY- Enlisting the assistance of a real estate agent is a considerable option to put out the listing, select the tenants, and manage the property. This process is typically advised for homeowners who wish to rent out their properties long term.  Hiring an agency can also help to verify the validity of your potential tenant if they are strangers.

At Byrnes Agency, we are here to safeguard your rental to ensure your property is protected in your absence. For more information on how we can serve you, contact our specialists today at one of our three locations:

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Dayville Office

Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Woodstock Office

Phone: (860) 928-7928
1226 Connecticut 169
Woodstock, CT 06281
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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