Section 8 Landlord Pros and Cons
This has been the case for a very long time; therefore, the US government had to take action. They have devised a program to aid all those individuals who find it difficult to find a nice, habitable place. The program, named the Section 8 program, aims to facilitate the elderly, low-income families and others like the disabled and help them afford the living expenses of a good area. Landlords are asked to work with the local housing authorities and offer their rental units to the specific audience. For doing this, they get to enjoy several incentives. This process works only when both the landlord and tenant are approved by the local housing authorities working within that area.
However, there are advantages and disadvantages to every program. Therefore, you need to take your time and conduct some research to decide if you really want to become a landlord under the section 8 program. One of the biggest advantages is that landlords won’t have to deal with issues related to nonpayment of rent. It means that with such a program it is a guarantee that you will receive the rent in a timely fashion because late rent or no rent cost section 8 tenants their housing voucher. Secondly, all tenants are pre-screened and the local housing authorities check all cases personally. Tenants with bad record and bad credentials will automatically be rejected thereby ensuring you get good tenants. Lastly, there is a facility of running a free advertising campaign for both landlords and tenants; it works perfectly well for those who want tenants and for those who are looking for good residencies within their price range.
Even though the pros are convincing there are also cons to the program. The first con for the program would have to be the fact that there are routine inspections. For the landlord, the property will have to pass the local housing criteria and the health checks. Secondly, there may be difficult tenants. This is because these tenants are not accustomed to paying high rent and so they may not keep the rental space in good shape. However if you keep your eyes on your property and tenants, there is no reason why good tenants cannot come your way.
Lastly, there is a misconception that landlords need not do any work. Unfortunately, that is a myth; landlords will still have to pre-screen tenants and inspect the property on a regular basis. So, do take your time to consider these pros and cons before making a final decision.
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