What are the risks of renting out house?
Renting out a property can be profitable but there will be some risks becoming a landlord. You might think that other people is as careful as you are on your house but probably they're not. These tenants that you don't know at all might not be taking good care of your house at all with the mindcept of renting other people's place.
Among most common problems with tenants are paying late, refuse to pay, damaging the property and violating terms and conditions in rental agreement. They might be damaging your house due to accident or on purpose because disagree with you or as a way to show anger after an arguement with landlord. They might also bringing in pets even though agreement doesn't allow to or do not pay utilities bills. Some tenants might have misbehaviour such as annoying others by midnight loud music, shoes theft on neighbours, double parking causing inconvenience to others or don't wear the proper attire in swimming pool. There's nothing much you can do except asking them to move but some tenants might refuse to move even though don't pay rental. If that is the case, you might consider consult with your lawyer and making a police report. Once it's done, you can double lock your house when you have the right to do so and make sure there's nobody in the house. Be careful if you plan to cut the water and electricity as you might end up with lawsuit if it does not mentioned in your agreement.
The market conditions might goes up or down and they will fluctuate affecting your rental price of your property. If your area is in high demand, then the rental might goes up. However, market changes can be unpredictable and there's always a risk to your rental profit. If you set the price too high, you might have some trouble looking for tenants. As in rental business, time = money. If your unit is left vacant for some time, you might consider to lower down the price and get tenants immediately to move in. It could be a daunting task to have your property occupied all the time as tenants might move out if they found better place and you will need time to look for new tenants. When the property is vacant, you will have maintenace fees to pay if it is a condominium. There could be caring for grass and cleaning the walkway if it's a landed property as well.