Con­sider pro­fes­sional man­age­ment.

The Capital - - SPORTS -

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.

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