Owning a rental property involves various annual expenses that you must account for to maintain profitability and ensure smooth operation. Here’s a breakdown of typical annual expenses for a rental property: 1. Mortgage Payments Principal and Interest: The most significant expense is often the monthly mortgage payment, which includes both the principal repayment and interest.…
Read article1. Steady Income Rental Income: Provides a consistent cash flow from tenants paying rent, which can cover mortgage payments, property expenses, and provide profit. 2. Appreciation Property Value: Real estate generally appreciates over time, increasing the property’s value and providing potential for capital gains when sold. 3. Tax Benefits Deductions: Mortgage interest, property taxes, insurance,…
Read articleBuying rental property can be a lucrative investment, but it requires careful planning and consideration. Here are key points you need to know before making a purchase: Financial Considerations 1. Budget and Financing Determine Your Budget: Understand how much you can afford, including the down payment and ongoing costs. Secure Financing: Explore mortgage options and…
Read articleFrom finding an inspector to dealing with surprises — this is your guide to getting a house checked out. The first thing you need to know about home inspection: You’ll feel all the feels. There’s the excitement — the inspection could be the longest time you’re in the house, after the showing. Right behind that…
Read articlePeace of mind begins with changing the locks. It’s easy to get super excited about moving into your new house. But for your own safety and security, be sure to cross these tasks off your checklist before you call it home. (And also, be sure to buy these new home essentials). Here’s your new home…
Read articleYou’d be surprised at what your home insurance policy doesn’t cover. Here’s what is and isn’t covered by your insurance. What does your homeowners insurance cover? The short answer is: A basic homeowners insurance policy (called HO-1 in insurance lingo) covers your home and possessions if they’re damaged or destroyed by these things: Fire Lightning…
Read articleFinding a Home Inspector When the homebuyer has found the right home, they will need to get a professional home inspection. It is critical to find a quality home inspector to understand the condition of the property before making this important investment. It can be confusing and hard to know where to start the search…
Read articleWhat is a home inspection? A home inspection is an objective visual examination of the physical structure and systems of a house, from the roof to the foundation. On average, a single-family home inspection usually takes 2-4 hours to complete, though this is heavily dependent on the of the size and condition of the home.…
Read articleBackground There is much to learn about the novel coronavirus (SARS-CoV-2) that causes coronavirus disease 2019 (COVID-19). Based on what is currently known about COVID-19, spread from person-to-person of this virus happens most frequently among close contacts (within about 6 feet). This type of transmission occurs via respiratory droplets. On the other hand, transmission of…
Read articleConsider taking these extra precautions during the coronavirus pandemic. Preparing your rental for a new tenant always takes a bit of planning, whether you handle most of the work yourself or hire others to help. With the country still in the midst of a global pandemic — and the possibility that the coronavirus could be…
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