When real estate market slow down many of the Northern Virginia home owners become landlord either by no choice or to take advantage of the real estate market place. Now the market has improved many of them are reconsidering their option to remain as a landlord or sale the home.
Many of landlords forget once the home becomes rental property any time there is a turn over whether to re-rent or to sale it will cost landlord.
What is the typical cost of turning a rental property?
The answer will depend on, as you know the condition:
a. How did you keep the home prior to making into a rental property?
b. How did your renter keep up the property during the rental period?
c. How well did you respond to the maintenance during the rental period?
Some basic cost will be part of the rental turn over wear and tear example- painting, power washing, caulking, cleaning up, HVAC tune ups, carpet cleaning and so on.
If you are planning to sell your rental property ,you may want to check out what the neighborhood or similar homes are selling and the condition or updates these homes have. You may not invest in all the upgrades but you may have to invest just to bring the property in line with the market competition while giving up some value.
Other unknown cost- I have seen some tenants who did not pay last month rent, vacant the property in a poor condition. OR we happened to have one of those extreme weather season where you now have to fix that leaking roof or worn out deck surface OR it is a slow real estate season and it takes a while to rent or sale your home.
Bottom line:Does not matter how long you been a landlord or for how many properties you will always have to incur a cost that should be part of your financial property management.
If you are a landlord of a property speak to your local Northern Virginia Realtor® what is the best approach and expenses you will have to incur to turn your property over.
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