Life circumstances change constantly. Only too often, people realize the home they once bought does not fit their requirements anymore.
Think of a young couple buying their first home. Then, the family grows and they discover that their house isn’t big enough for the children.
The opposite is true with older people: with the kids leaving the nest, they now have a hard-to-maintain house full of empty rooms. They’d rather downsize to something more manageable.
There are also those who have paid off most of their mortgage and would like to expand their real estate portfolio by renting their first home and buying a second one.
Whatever the reason behind the decision, moving out of your first home can be a stressful experience.
First-time landlords find it hard to manage new tenants. Many homeowners don’t know the specifics of renting a home and are overwhelmed by documentation, regulations, and the amount of paperwork required.
A professional property management company knows everything about renting a home and will stand by you throughout the process. They will give you peace of mind and the certainty that a professional is taking care of your cherished first home.
If renting your first home, talk to a property manager first
When you first bought your house, you probably didn’t think of it primarily in terms of an investment. It was the home you fell in love with and have lived in ever since.
Now that you are considering renting it, these emotions can color your expectations. So, the best first step is to talk to a property manager. They will evaluate your home and offer realistic advice about its chances of getting rented and the rent it can fetch.
Property managers know how each area is performing in terms of rent and renting interest from potential tenants. They have a deep knowledge of the local rental market and can gauge how rental-friendly a house is.
After inspecting your house, your property manager will offer some ideas about what types of amenities tenants are looking for. They will appraise your neighborhood and check how close your home is to transportation, parking spaces, local shops, schools, and other facilities. They will need you to share with them your honest experience with all that—good and bad.
After their evaluation, the property manager will give you pointers about your home’s potential for rent and whether you need to make any improvements to make it more appealing. Finally, they will estimate the rent your home is bound to get.
With that knowledge in mind, you can calculate whether it is financially viable for you to rent your first home and move to a second one.
If you’re ready to move, consult your property manager
Now that you have assessed the situation, you are ready to move. Your property manager will help you with all the details associated with renting your first home and will remind you of issues that you need to keep in mind.
A property manager will inform you about taxes
As a first-time landlord, you probably do not know what taxes are involved when renting your home.
A property manager always knows the local tax laws and will give a breakdown of the taxes associated with a rental property. You need to know this so that you can calculate how much actual rent you will be receiving.
A property manager will tell you about tax breaks and benefits from renting your house
Renting a house can involve tax breaks and benefits: you will be able to deduct repair costs and other expenses and you could be eligible for tax breaks and benefits. A property manager will advise you on what to expect.
A property manager will prepare you for the unforeseen
Professional property managers know the ups and downs of the rental market. They will discuss with you the possibility of vacancies between tenants. Will you be able to pay the mortgage on your second home if you don’t get rent for a couple of months from your first home?
These are issues that you might not have anticipated, unlike an experienced property manager who knows how the rental market functions.
Your property manager will take care of your first home
Being a first-time landlord can be stressful and complicated.
Finding the appropriate tenants and keeping your home in top-notch condition can take its toll.
Also, being on a constant stand-by should something go wrong, can be exhausting, especially if you do it for the first time. You will face a steep learning curve.
A property manager will find the right tenants for your first home
A property manager will find the perfect match between your first home and the right tenants. They will screen and determine which tenant is appropriate for your home. You want a tenant who will take care of your home, pay the rent in time, and stay for a long time.
A property manager will take care of repairs
No matter how well-maintained a house is, unexpected repairs will almost certainly occur. Emergency repairs, as both their name and Murphy’s Law implies, tend to occur at the most inappropriate of times. Many a weekend has been ruined by a burst pipe or other emergency.
A property management company will take care of all these issues without bothering you. You will have the certainty that your house is well taken care of by an expert without you having to worry about a thing.
Renting your first home can be emotionally difficult. Let someone else do it.
We all love our first home. Our first homes hold a special place in our hearts and seeing them rented out can be emotionally challenging. Seeing strangers using your kitchen and playing in your garden can be a bittersweet feeling, making you feel nostalgic. It can also make you feel overanxious about tenants taking proper care of your cherished first home.
A property manager does not have this emotional bond, which can be beneficial. They will take care of your home professionally while avoiding any emotional burden on you. Not seeing who lives in your home and how they take care of it can be the best thing for you.
Multi-homeownership can be the start of a real estate portfolio
Once you start with your first home, you can invest in more properties as time passes and your initial investment pays off.
A property management company can help ensure that you get higher rent and quality, long-term tenants. This will let you expand your real estate portfolio as long as your personal finances allow it. With the help of a property manager, renting your first home can be the first step towards becoming a real estate investor in the long run.
A property manager will give you added value
Shifting the costs associated with your first home to tenants can be a smart and profitable investment. Hiring a property manager to oversee the project and advise you on your next steps can help ensure that your decision can be stress-free, successful, and fruitful.