Answers by Kimberly Hollins

Rent‑vs‑Sell analysis Compare your home’s likely monthly rent (use Zillow, Apartments.com, or local property managers’ comps) to your total monthly costs — mortgage, taxes, insurance, HOA, and maintenance reserves. If rent comfortably exceeds costs or at least covers them while property values are rising, renting may make sense. If you’d still run negative cash flow, selling might be smarter. Tax implications Rental income is taxable, but you can deduct mortgage interest, taxes, insurance, repairs, management fees, and depreciation. When you eventually sell, if you’ve rented it more than 3 years after moving out, you likely lose the primary residence capital‑gains exclusion (the rule that lets you exclude up to $250K/$500K for couples). You’d also have to recapture depreciation at sale — a tax many first‑time landlords miss. A CPA can model both paths. 2. Practical Responsibilities Repairs and upkeep: Being “the landlord” means handling leaky faucets at 11 p.m. or paying someone else to. If that sounds miserable, a property manager (usually 8–10% of rent) can handle tenant screening, maintenance, and rent collection. Tenant screening: Do background and credit checks, verify income, and check references. Georgia law lets you collect application fees for this, but you must treat every applicant fairly under the Fair Housing Act. Insurance: You’ll need a landlord policy (DP‑3) instead of owner‑occupied homeowners' insurance. It covers liability and tenant‑related risks differently. Also notify your mortgage lender — they may require documentation if you convert the home into a rental. 3. Legal Essentials in Georgia Read up on Georgia’s landlord‑tenant law (O.C.G.A. § 44‑7) about security deposits, notice to enter, and eviction procedures. Keep deposits in a separate escrow account, with a move‑in/move‑out condition checklist — Georgia requires this. Prepare clear lease terms spelling out rent amount, due date, late fees, and tenant responsibilities for lawn or pest care. The Georgia Association of REALTORS® rental forms are solid templates. 4. Less‑Obvious Considerations Liquidity: Renting ties up your equity, so you can’t easily tap it for future purchases. Wear and tear: Even with great tenants, rented homes experience faster depreciation. Vacancy periods: Budget for at least 1 month per year of vacancy or turnover. Exit timing: If your area’s housing market improves, be ready with a plan to sell after lease expiration. Local demand: Newnan’s rental market has grown but can shift quickly — check local property managers for current average days‑to‑rent and typical rents by neighborhood. Hope this helps, if you have additional questions feel free to give me a call. In addition to being a Realtor, I own several rental properties.