A lot of times, when homeowners purchase a second property, their first home becomes their rental property. It’s one of the most popular ways for people to become investors. Today, we’re talking about getting that property ready for rental.
One of the biggest mistakes a lot of homeowners make in managing their own property is that they have an emotional connection to the home. It was perhaps their first home, so they have a lot of memories and they tend to think the house will be taken care of by the tenants in the same way it was cared for while they were living in it. Tenants will never care about a property the way the homeowner does. So, disconnecting from the property is very important. You have to realize that the home is no longer yours and it’s now an investment. It has become a business.
Budgeting for Expenses
Another mistake a lot of property owners make is that they don’t budget for their investment. A lot of the work the homeowners used to do, like cleaning out the gutters and doing regular maintenance, and taking care of the lawn or trimming the trees and bushes now have become a list of expenses. You may need to hire professionals to take care of these things. Even if you do the work yourself, it’s still time you have to put in and resources that you will need. Creating a budget for preventative maintenance and emergencies is important.
Once your property becomes and investment and it’s no longer your home, make sure you deal with emotions and expectations and then establish a budget that will allow you to take care of maintenance and unexpected costs.
If you need any help with these things, please contact us at New Bridge Management. We provide professional property management in Modesto, Patterson, Turlock and the surrounding Stanislaus county areas and we’d be happy to help you.