Advice on renting my town home

[Landy St-Jean]

Hello,

We will close on my new house a month from now. However, we will like to keep and rent our townhouse. We currently live in Holly Spring, NC area. We were thinking on covering the HOA and pest control to the lease. It's been 10 years since we owned. We're not sure if we suppose to include utilities or not in the lease.

Currently, we were planning on renting it between $1300- $1400. The apartments in the area rent higher for smaller SQ footage. Should I go lower? Should we repaint with a neutral color or leave the current one? Any suggestion will help.

[Ray Addison II]

Step 1: emotionally detach yourself from the property. I'm sure you have taken a lot of pride in ownership. You have been here for 10 years and no one will ever care for it like you :)
Step 2: Check the comps. See if you can remain competitive and include the HOA. Consult a local real estate agent or management company.
Step 3: Don't include utilities. Without tenant tenant accountability there is no responsibility. It could really increase your expense structure and jeopardize your profitability.

Good luck!