If you are in the market for a rental property, you should already know that owning and maintaining one of these properties is a lot of work, especially when you decide to be the landlord. It is standard to expect some inconsistency in your rental income through vacancies and unexpected repairs, but it is easy to forget about some recurring expenses that can change your financial outlook.
Before making an offer on a home, you want to know about every expense, especially the continual ones.
When living in your own home, you can keep track of any strange things that may happen with your appliances. However, you will not have this luxury as a landlord, and it is not fair to your tenants to routinely perform an interior inspection just to check up on the appliances. As a result, you need to trust that your tenants will let you know when any problems happen. The best way to avoid expensive issues is by getting your appliances serviced after each vacancy. It is great for landlords as it will help you minimize unexpected expenses by creating a recurring expense that you can financially prepare for.
For a rental, you should make choices based on what benefits you financially. Carpet requires professional cleaning and only lasts around ten years, so it is an inevitable and recurring expense. Hardwood is easy to clean and does not have to be replaced for decades with proper care, making it an ideal option.
It is your responsibility, as a rental property owner and landlord, to provide your tenants with a clean place to live. After a tenant leaves, it is important to touch up or repaint the walls to get the house clean. However, you may not think about this particular expense when looking to buy a rental property. If you opt for professional help, you can expect to pay $448 per room for interior paint, but it is possible to reduce this number by using a more budget-friendly paint and painting on your own.
Naturally, you will have to travel to and from your rental property every once in a while. When trying to rent the property, you may have to do it dozens of times in a week. As a result, you may want to buy a property that is closer to your primary residence, especially if you already have a busy lifestyle. Travel costs are not just about gas, but the time it consumes and the wear and tear it puts on your vehicle.
Analyzing frequent expenses with a rental home can help you make the best investment decision when working with a real estate agent, like the ones at EXIT Lakes Realty Premier, to purchase rental properties.