There are many great Reston area homes for sale. Click here to perform full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (703) 564-4026 or (301) 660-6272 for a FREE home buying or selling consultation to answer any of your real estate questions.
A lot of my clients always come to me and ask whether they should buy a property and then rent it out to tenants. While it may seem like a very simple thing to do and an easy investment, you really need to know what you're getting yourself into when you do this.
A lot of my clients always come to me and ask whether they should buy a property and then rent it out to tenants. While it may seem like a very simple thing to do and an easy investment, you really need to know what you're getting yourself into when you do this.
A common
story I hear from a renter is that their monthly mortgage is $1,900 dollars,
but they receive $2,000 in rent every month. They tell me that they're making
$100 dollars a month and that this is a good investment, or that they would
just be happy to break even.
However, this is not the whole story. No matter
how good a property manager you are, you will experience vacancies, and at the
end of a renting period you will also need to spruce up the property a bit.
Also, as an owner, you will have to pay for a special kind of homeowner's
insurance. All of these hidden fees and
costs can jump out and bite you if you are unaware of the extra costs
associated with renting a property.
In all
likelihood, you need to sit down with your tax consultant and see if renting is
really the right way to go. If you're
ill-prepared to rent a property, you are probably making a costly mistake.
Please
don't hesitate to contact me because I would be glad to discuss these things
with you or recommend you to someone who could help you in a situation like
this. My phone number is (301) 660-6272.
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