Do you own more than one home and want to know how to rent out a house in Texas? Have you wondered, “Can I rent out my primary residence in Texas?” Or have you asked yourself, “Can I Airbnb my primary residence to pay my mortgage?” Here are some details that could help you make a decision about renting out a property you own in the Lone Star State.
The main benefit of renting out a house is the potential to use it as an income property. Renting out a house in Texas can be very profitable, whether you are interested in long-term leasing to tenants such as single students or new professionals interested in a neighborhood lifestyle, or if you prefer the idea of renting the property on the short-term market (such as via Airbnb). Utilizing a house as a rental property is a great way to subsidize your income, so you can pay down the mortgage on the house in which you live or any other endeavor.
If you choose to become a landlord of a long-term rental home in Texas, it can be extremely profitable. That said, there are pros and cons. Pros include the ability to generate monthly passive income, possible tax deductions, building equity in your property over time, and many more. Cons include the fact that sometimes, you will have to put a lot of time and money into the rental home before it becomes profitable, with no guarantee that you will recover the investment; and your renters may not honor the rental contract which could lead to more expenses, for things from seeking recompense for damages to pursuing eviction depending on the situation.
If you are more interested in short-term rental opportunities, you will also have pros and cons to consider. As for the pros, many will be the same as owning a long-term rental home. You will get additional income out of the deal, enjoy some tax benefits, and build equity in the property; but you will also be building a real estate portfolio of sorts and be able to enjoy the property by blocking out dates for yourself and your family. Cons for short-term rentals might be that you will have more frequent maintenance needs and costs possibly, you have to be local or hire a management company, your neighborhood does not welcome short stay visitors, etc.
For answers to more of your questions, you should look into the landlord and tenant laws in Texas. It can be very complicated, but a licensed real estate professional can help you wade through the details.
If you are interested in buying your first home in Texas along the Gulf Coast, or you want to put your home on the rental market in the area, your best course of action is to consult with a professional real estate agent who knows the current real estate market well. The reputable agents at WEICHERT, REALTORS® – The Place of Houses are ready to answer your questions and help you with your real estate needs. The knowledgeable group of real estate experts at this Corpus Christi, Texas-based real estate agency can offer the guidance you need for navigating the current market, whether you’re buying, selling, or renting a property. Contact WEICHERT, REALTORS® – The Place of Houses to find out more about the local real estate market and about the possibility of renting out your property.