Can You Afford to Rent Out Your Home?
With the Northwest Florida real estate market in recovery, you may be thinking that now is the time to upgrade, and no we do not mean fixtures within your current home. We are talking about trading up to gain space, live in a better neighborhood or even find a home in better condition.
However, those with a good deal of equity in their current state may be wondering: Do I have to sell in order to buy? The truth is, real estate is meant to be a long term hold and if you can afford to keep your home while purchasing another you should seriously consider doing so.
If you are open to becoming an investor, one of the first steps revolves around understanding your new financial reality, rental market trends and fluctuations included.
After this, landlord responsibilities kick in. Keep in mind that becoming a landlord is like starting a business. Not only do you have to deal with occupancy issues, but day-to-day maintenance, repairs and rent collection.
Before you get overwhelmed, consider hiring a property manager in Florida to help you weather the ups and downs of ownership. Our experienced team at Southern Residential Leasing offers a variety of services to help you maximize the return on your investment.