If you’re a Westlake Village renter, subletting your rental home or apartment can be an effective way to make some extra money; nevertheless, you have to be careful because the situation is not always perfect – or legal. Although your landlord enables subletting, there are pros and cons that you need to weigh 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 in pursuit of more information, read on!
The Pros of Subletting:
- Extra Money: Subletting your rental home or apartment can be the best solution to make extra money, in particular, 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 circumstances, having a subletter help you pay your rent can be a major financial benefit. As long as you have permission from your Westlake Village property manager first, it’s a win-win situation for both parties involved!
- Security: If you’re anxious in connection with leaving your rental home vacant while you’re gone, subletting can alleviate your fears by granting someone to watch over the property while you’re elsewhere. Subletters who undertake long-term leases may likewise be prepared to aid with any maintenance issues that take place during their stay.
- Avoid Breaking a Lease: If you have to leave your rental home before the end of your lease agreement, subletting can provide a method for you to avoid penalties or other difficulties related to breaking a lease.
The Cons of Subletting:
- Increased Risk: Notwithstanding various subletters are honest and responsible individuals, there are always risks involved. For instance, there is all the time, the risk that they could stop paying the rent, induce loss to your rental home, or bother the neighbors. Before you sublet, attentively vet each potential subletter and be certain they have a great credit and rental history. Moreover, make it a point that they perceive what is expected of them financially and in terms of property maintenance. You furthermore need to think of renter’s insurance. Even though you may be effectively insured, your coverage does not extend to subletters; make certain they have renters insurance.
- Probable Legal Problems: In most instances, 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 start the subletting process.
- Losing Control: Subletting can, moreover, specify 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, bear in mind that your roommate will be a stranger and may be difficult to live with. If you’re bothered by this, think about trying short-term subletting or making a system where you can regularly check in on the property.
By taking into account both the pros and cons of subletting your rental home, you can make an informed decision regarding whether or not it’s good for you. As long as you do your research and get permission from your landlord, though, subletting can be an appropriate way to make a couple of extra cash and endow you with peace of mind.
Are you in the market for a new rental home? Real Property Management Limitless might have just the place you’re searching for. Browse our listings online or call 805-702-7800.
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.
