If you’re a Franklin renter, subletting your rental home or apartment can be an excellent method to earn additional revenue; however, you need to be careful because the situation is not always perfect – or legal. Even if your landlord supports subletting, there are pros and cons that you need to consider before coming to a decision. In this blog post, we’ll discuss the good and the bad of subletting. So, whether you’re on the fence about subletting or simply want more information, read on!
The Pros of Subletting:
- Extra Money: Subletting your rental home or apartment can be an ideal approach to earn some extra cash, especially if you have a spare room you aren’t using or will be gone from your apartment for an extended period of time. In these cases, having a subletter helps you pay your rent and can be a huge financial benefit. On condition that you get permission from your Franklin property manager first, it’s a win-win situation for both parties involved!
- Security: If you’re concerned about leaving your rental home empty while you’re gone, subletting can lessen your concerns by enabling someone to watch over the property while you’re away. Subletters who deal with long-term leases may also be ready to assist with any maintenance issues that emerge during their stay.
- Avoid Breaking a Lease: If you need to leave your rental home before the end of your lease agreement, subletting can help you avoid penalties and other complications related to breaking a lease.
The Cons of Subletting:
- Increased Risk: While the majority of subletters are honest and responsible people, there are always risks involved. For instance, there’s always the possibility that they could stop paying the rent, cause harm to your rental home, or bother the neighbors. Before you sublet, carefully vet each potential subletter to verify they have strong credit and rental history. In addition, ensure that they know what is expected of them financially and in terms of property maintenance. You should also think about renter’s insurance. Even though you may be well insured, your coverage does not extend to subletters; ensure they have renters insurance.
- Possible Legal Problems: Occasionally, 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 you start the subletting process.
- Losing Control: Subletting means 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 who may be difficult to live with. If you’re concerned about this, think about trying short-term subletting or installing a system where you can regularly check in on the property.
By examining both the pros and cons of subletting your rental home, you can make an informed decision about whether or not it’s appropriate for you. However, as long as you do your research and have approval from your landlord, subletting can be an excellent way to generate some additional money while also giving you peace of mind.
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.