Houses for Rent By Owner in Fayetteville, NC
If you are looking for houses for rent by owner in Fayetteville, NC, you must be aware that there are some disadvantages, as well as advantages to a for rent by owner property.
These advantages and disadvantages apply equally whether you are looking for a short term or long term house for rent by owner in Fayetteville.
Here are some of the advantages and disadvantages of a house for rent by owner.
Advantages of House for Rent By Owner in Fayetteville, NC
There are many advantages to renting a house by owner. But like with any advantage, they also have a downside to them. Additionally, even though there are some advantages, there can also be an accompanying disadvantage.
Responsiveness to Rental Property Seeker.
One of the biggest advantages is that owners may be more responsive in answering your phone calls, texts, or emails. It may be shocking you, but over 50% of leads to property management companies essentially go unanswered.
What this means is that the owners are potentially stuck with the costs of paying their mortgage and other expenses for the property. In the Fayetteville, NC area, this is usually around $1000-$1500 a month.
For you as a tenant, this can be an advantage, especially when there is a large number of vacancy rates in the area. This means that the sense of urgency experienced by the landlord, could result in obtaining a rental at below the market rate.
Personal Contact with the Landlord of the House for Rent By Owner in Fayetteville, NC
Another advantage is that you have direct access to the landlord and owner of the house for rent. What this means is that you can communicate directly with the owner, when there are issues with the house that you rent.
This advantage means that, sometimes, the issues in the property may be taken care of quickly, without the need to go to a third party such as a property management company for authorization.
But as we said earlier, this may have some disadvantages, and we will discuss those below.
Disadvantages of a House for Rent by Owner in Fayetteville, NC
Lack of Knowledge of the Landlord Tenant Laws
While most landlord’s have some knowledge as to the proper way to rent a house by owner, many simply don’t.
This can end up being a nightmare sometimes. Some landlord’s don’t know the proper way to screen a tenant to avoid discrimination claims. This usually ends with them in hot water for housing violations.
Additionally, most landlords don’t know the proper way, or how to handle security deposits. Often, tenants are left having to continuously ask for their security deposit back after the 30 days required by law.
The Price of the House for Rent by Owner May be Above Market Rate
We know we said that you could capitalize on the house being listed by owner because of the owner’s desire to rent the property. But, many owners don’t understand how pricing is done in the rental market, and will lease out a property for far more than what the market dictates sometimes.
The Landlord of the House for Rent by Owner in Fayetteville’s Lack of Attention to Service Needs
Although you are able to communicate directly with the landlord, in a house for rent by owner, you may find that this communicate is not as great as you might expect.
You can read all over the internet the horror stories some tenants have with landlords failing to make even the basic repairs. Not only is this possibly a violation of the terms of the lease, it may be a violation of housing laws.
Additionally, the time to get your repairs done may be slower, because the landlord doesn’t have a network of professionals to choose from. As a result, they are left to decide from a Google search, which can increase the response time and quality of work.
Finding the right house for rent by owner in Fayetteville, NC can be a headache at times. If you need assistance from a property management company in Fayetteville, NC that cares about tenant satisfaction, don’t hesitate to reach out to us.
The Team at Linchpin Property Management