🔑 5 Must-Know Factors Before Renting Out Your Spokane Home
1. Does Your Property Make a Good Rental?
Put yourself in the shoes of a real estate investor. Would you buy your current home as a rental property? If your home is highly upgraded, luxury-level, or unique in a way that limits tenant demand, it may not cash flow well as a rental.
2. Can You Emotionally Detach from the Property?
If you’ve raised a family in this house or spent years caring for the garden, it may be hard to let go emotionally. Unfortunately, tenants likely won’t treat it with the same love. Wear and tear is inevitable, and those custom rose bushes won’t fetch higher rent.
3. Do You Have the Financial Reserves for Maintenance?
Water heaters, furnaces, and roofs break down. Do you have the cash reserves to cover major expenses as they arise? If not, renting may lead to costly financial stress.
4. Are You Planning to Sell in the Next 12 Months?
If you already know you want to sell within a year, renting could be counterproductive. Why? Because by the time you get your property back from a tenant, you’ll likely need to refresh the paint, carpet, or landscaping costs that can cancel out any appreciation you've gained.
5. Are You Ready to Be a Landlord or Hire Property Management?
Managing tenants, maintenance, and legal compliance takes time and know-how. If you’re not ready to self-manage, working with a Spokane property management company like Cobalt can help protect your investment and keep your rental headache-free.
Bonus Tools to Help You Decide
Still on the fence? We’ve created a couple of powerful tools to help:
🏡 Free Rental Analysis Tool: https://www.rentcobalt.com/spokane-property-management
📊 Rent vs. Sell Calculator: https://www.rentcobalt.com/rent-sell-calculator
Both are available on our website: rentcobalt.com
