Have you recently inherited a property, or are you unable to sell a residence you currently own? If so, congratulations! You are an accidental landlord.
Although accidental landlords are a unique group, you do not have to feel intimidated by your newfound status. Here are some pointers to help you navigate the process.
Recognize the Benefits
Usually, you have to take significant steps to acquire property, such as saving a large amount for a down payment. However, an accidental landlord has the key advantage of having a property essentially dropped into their lap.
If you choose to rent out your property, you will be able to cover the mortgage payments if you still need to pay it off.
Better yet, if an inherited property has already been paid off, the rent you make every month will be extra cash in your pocket.
Since the majority of properties increase in value as the years go by, your residence will continue to accrue home equity. That way, if you decide to sell, you can make a tidy profit in the future.
Check Out the Local Real Estate Market
For a new rental property owner, it's important to get to know the real estate market. An inherited property owner might not live in the area, so they will need to do some research before deciding to list the property for rent.
Get a good idea of how much rentals are going for in the area of your property. You can also learn about amenities, such as local school districts and other features that might appeal to renters.
If you have a backyard or leisure area, your property may appeal to pet owners. In this case, a local dog park is a great feature.
Work With a Property Management Company
If you are a new rental property owner, it is a good idea to consult a property management company. These are made of professionals who can help with any aspects of renting out your inherited property.
For instance, if you have a full-time job or other responsibilities, the property management company can handle everything related to your tenants. They can collect rent, manage maintenance and repairs, and even list your rental online.
Outsourced property management is ideal if you live far away from your inherited property or second home. A property owner living in New York can use a property management company for their residence in Virginia.
Finally, a property management company can help you to ensure lease renewal. Holding on to tenants will eliminate the costly process of having to find new residents.
Use These Tips for Accidental Landlords
Have you suddenly found yourself as an accidental landlord and you're not sure what to do next? With this guide for accidental landlords, you can successfully manage your property without stress.
PMI Smart Choice is the perfect solution for all of your Vienna, VA, property management needs. Whether you're renting or selling, our team of experts can help you simplify a complex process. Contact us today to get started.
