The possibility of constant income from renting a property may seem very attractive. However, there is a lot of pain and bother involved in being a landlord. Selling a house you no longer need is always better.
As a move for my next military posting is on the cards, I have been considering renting out my house in Colorado Springs. The property is in good shape and I am sure that I can get a good rental income here. This will help me foot the monthly installments for my next real estate purchase as well.
Everything was mapped out and I was looking around for a Wilmington NC real estate agency to find me some good options to move to their town. As I discussed things with a few colleagues, they quickly pointed out the silent loopholes in my plan. One gentleman even recounted how he had become fed up of the tenants neglecting his property and the lack of care leading to systematic ruin. He had finally given up and disposed of the house at a much lower price.
It was during the course of my interactions with Joseph Dalton of Dalton Elite (www.josephdaltonrealty.com) that I clearly understood the pitfalls of leasing out my house. He explained that the property value would depreciate gradually, leading to lower rents over time. He also outlined the taxes, insurance, maintenance and other regular expenses that would eat into the rental income. What was left would never be enough for the monthly payments on my new house.
Now I began to shudder at the thought of the house falling into disrepair and lying vacant as I despaired for some good tenants. The decision was easy to change and I quickly put the property on the market. Meanwhile I was also looking at real estate Jacksonville NC and Wilmington options with Dalton.
The deals came through soon enough and I could use the sale proceeds of one as down payment on the other. My monthly payments are low now and I don’t have to worry about the Colorado property either.