After housing many clients in section 8 buildings, it’s always interesting to know if they pay any rent? Section 8 is a topic of which there are many misconceptions. In many cases, people often don’t know anything about section 8 they just get the gist that it is free housing for lower-income citizens.
As a realtor in Bristol Connecticut, Tier 1 Real Estate has worked with plenty of section 8 clients and today we will be educating you on how Section 8 isn’t a guaranteed paycheck.
In many cases, section 8 only pays for a portion of the rent and the tenant is responsible for the other portion. This creates a percentage difference between the two and the larger half hoes to the tenant, making them liable for a larger portion of the rent. If the tenant doesn’t pay their portion than your rent is not guaranteed.
Before a new tenant moves into a section 8 property, they must pass an inspection issued by the state. If the inspection finds anything that is broken, in danger, and old properties that may cause risk and damage, they will fail your inspection. When they fail your inspection, you must get everything fixed (causing charges to the section 8 tenant) before they can pass an inspection.
These inspections are completed when the tenant moves in and every year. This leaves the tenant liable to pay for new appliances and anything that needs to be repaired.
We help hundreds of clients buy, sell, invest, and move into new commercial spaces with their families and business partners. Tier 1 Realty is the real estate agency in Bristol Connecticut you can count on. Contact us today so we can work in your future together.