The Transformation from Owning to Renting Your Oklahoma City Home
From our earliest days, everybody in Oklahoma City is inundated with tale of transformations. It started with those grade school day trips to science places with exhibits showing the improbable progression of fish (well, pollywogs) into frogs. There were nature TV shows with sped-up motion films demonstrating the unlikely truth that icky caterpillars DO turn into graceful butterflies. In fact, Oklahoma City cable TV is littered with the Discovery Channel and the Science Channel and PBS and the NatGeo Channel—all of which seem to be dedicated into making sure we won’t forget that Nature is full of every day metamorphoses and how ugly ducklings will one day become swans.
We’ve been brainwashed into accepting that transformations are unstoppable.
So it’s only natural that when some Oklahoma City homeowners have found themselves a new home, they don’t hesitate to assume it would be no big deal if they decide to change themselves from homeowner into landlord. Since Oklahoma City rental rates are projected to keep rising, renting the current house out rather than just selling it surely makes sense. If Nature is any guide, the transformation from homeowner to landlord doesn’t seem like there’s much to think about. Their Oklahoma City home has been a good investment, so why not try renting it? It’s a natural progression, isn’t it?
The answer is yes and no. Renting your Oklahoma City home can be a terrific move if you are ready to add the landlord’s role to all the other activities that currently fill your day. It starts with making a stream of decisions: Will you allow pets? Chihuahuas? Rottweilers? What will your deposit agreement look like? When will you be available to take repair calls? What happens in emergencies?
Decisions are one thing, but once the rules are set, not everyone is comfortable being the person who has to enforce tough business realities—even if they are perfectly fair. How comfortable will you be about having to insist on inspections now that your house is another family’s home? How often? And if back-to-school time expenses cause your tenant to have trouble scraping up September’s rent, how will you feel when you have to hold them to their obligation?
Pollywogs don’t consider their temperamental disposition before they turn into frogs, but renting—the homeowner-to-landlord transition—is more complicated. Even if the financial equation will allow hiring a professional management company to handle the day-to-day supervisory details, the renting decision—transforming the family homestead into an investment vehicle—can have overtones that aren’t immediately obvious.
I’m here to help you in all your Oklahoma City real estate matters—starting with arriving at decisions that let you feel comfortable. I hope you’ll give me a call!