Washington, DC - If a homeowner has a Washington DC property that will be empty for long periods, then they’ve probably considered renting it. The idea of consistent income is alluring, But there are some other things for them to consider.
Many homeowners believe it is as simple as simple as listing the property for rent and waiting for the checks to roll in, but renting a property is a lot more hands on than they’d expect. There are a lot more apartments for rent in Washington DC than every before. If you own a condo you’ll have more competition. This affects what you can charge, especially in slow seasons such as the winter. Houses for rent in Washington DC is less common. While you will be able to receive more money in rent for a single family home, there is often a ceiling for how much money someone will be willing to pay in rent. As you get into luxery homes, many times the rent does not cover the mortgage. In these cases if is often better for the homeowner to sell their Washington DC home.
There are a few other things a homeowner need to consider when renting their home in Washington DC. Maintenance costs are usually lower for apartments. And the management company will look after the common areas and buildings. A single family houses comes with extra costs do to keeping up with the yard and exterior maintenance. These are on-top of the homeowner’s management and potential common area fees. It is important that the owner consider all of the costs between management fees, maintenance costs, and vacancy escrows.
Many landlords also have to give up their right to access their property at any time. Many have to give a minimum of 24 hours notice before you can enter the property. This means they can't just drop into the home even if the renters are away. On top of this they often have to pay higher insurance prices. In fact, sometimes the liability so high it makes any potential for rental income too risky. It is important that the potential landlord calculates their bottom line before committing to the approach.
It is a good idea to research how much owners of similar properties made in rental income over the past few years. This is something a homeowner can discover by asking a local property management company. This company can also be hired to take some of the heavy lifting out of owning a rental. Not only do they save you time, but they can prevent you from making costly mistakes.
Short-term rentals generally mean you can charge higher rates but they often require that the landlord invest in furnishing the home. There will also be times when the property is empty and providing inconsistent income. Short term rentals also tend to receive more wear and tear in Washington DC.
If being a landlord is unappealing to a homeowner then they also have the option of contacting Dependable Homebuyers in Washington DC. This company is local to Washington DC and specializes in purchasing homes directly from homeowners without a real estate agent. This will save the seller thousands of dollars by not having to pay real estate commissions. Find out more about their services at https://jeffmiller1.myrealestateplatform.com/dependable-homebuyers.
SOURCE: Press Advantage [Link]
Dependable Homebuyers is a local home buying company in Washington, DC. We buy houses in any condition and any situation. If you want to sell your house fast, give us a call at (202) 503-2783 and we’ll provide you a cash offer within 24 hours.