If you’re in the process of moving to a new home, it is possible that you’ve considered hanging on to your present property and turning it into an income producing rental property as versus selling it.
While this can in fact be a wise financial decision, there are several items to consider before you move forward. For instance, you’ll need to determine how much you can charge in rent. In this case, doing a bit of research in terms of how much rent is charged for similar properties in the area can be beneficial – and it can also give you a better idea of whether or not your property will actually provide you with a profit.
Next, determine what – if any – maintenance items you’ll need to tackle before putting the home up for rent. For example, a fresh coat of paint and a thorough cleaning should top this list.
One of the biggest decisions you need to make before your turn your current residence into a rental property is determining whether or not you want to be a landlord. While it may not initially seem like it, the duties that come with operating a rental can actually be very time-consuming, particularly when you factor in the many “hats” that you’ll need to wear, including:
- Marketing / advertising for vacancies
- Screening potential tenants
- Negotiating leases
- Collecting monthly rent
- Maintaining the property
- Responding to emergencies
- Evicting tenants that stop paying rent and / or who are destructive to the home
With that in mind, it can oftentimes make sense to work with a property management team who will take over some – or even all – of these duties, while at the same time still allowing you to receive monthly income from your investment.
If you’d like to learn more about how an experienced property management team can keep your Orlando / Central Florida rental properties running smoothly, Contact Us today for more information.