Consider professional management.
Mark Nash, a longtime real estate broker and author of “1001 Tips for Buying and Selling a Home,” says it could be sensible to consider engaging a professional manager to oversee the property.
“Many people find it annoying to be a landlord. It’s like being a parent,” says Nash, who owned several rental units for a period spanning 11 years.
He says the sole downside of hiring a good rental manager — who is best found through personal referrals — is that this service will cut into your rental income. That could pinch your budget if you’re operating with a narrow profit margin. income to cover their mortgage payments after taking into account property taxes and insurance costs.
When assessing the financial impact of converting your place to a rental, even a temporary one, Nash says you should be sure to factor in home maintenance expenses.
“Upkeep can be a big item,” he says.
You’ll also want to consider the tax implications of renting out your home. To do so, Nash recommends you call an accountant for advice. home when it’s occupied by tenants.
To avoid this problem, Davis recommends you plan to have your property vacated for at least a month before it hits the market. That way you’ll have time to paint, clean and do repairs before it’s available for showings.