Do you own a home and/or rental property in Annapolis, MD? Are you considering an investment property in the near future? If so, make sure you know the surprising truth of being a landlord in Annapolis before you take the plunge. A word to the wise–expect the unexpected.
Owning a rental property seems like a great idea, in theory. In many cases, you might buy it cheap and quickly find a tenant or tenants to occupy the unit(s), and then, the rental income starts coming in while you manage the property. You assume how hard could it be, right?
The truth is, it is could be much harder than people anticipate and you might discover find the surprising truth of being a landlord in Annapolis. Which is, in many cases, you give up a significant portion of your “Me” time. There might be interruptions in your private time, disrupted vacations, and your weekend getaways might be few and far between because you are consumed by the responsibilities of being a landlord.
Owning a Rental Property in Annapolis, MD Will Eat Up Your Free-Time
Undoubtedly, owning an income property will keep you busy. Once you find the property, you must fix it up, find a tenant, and answer the phone from them when they call. Even if they call at inconvenient times, because the toilet is overflowing, you need to answer or return the call ASAP and deal with the situation. As such, your life is no longer your own. You have taken on a significant responsibility. Thus, when you go on vacation or away for a weekend, you must be reachable via phone and should have someone to oversee the property in your absence, in case any issues arise, especially if you will be away for an extended period.
Given its time-consuming nature, home ownership can be a second job. This is especially true if you own a rental property, in addition to, your own home. Particularly, if you own an older home and/or “a money pit” that requires frequent repairs over and above regular maintenance, landlords who own a rental property while they having a full-time job may discover it is a draining proposition. From chasing down your tenants for rent to fixing things around the house, it can feel like it is never ending at times. Meanwhile, for landlords who own multiple properties, it is often better to hire a property manager and/or may require that you give up your other job or transition to home-based employment.
Owning a Rental Property in Annapolis, MD Will Eat Up Your Bank Account
Another consideration is that rental properties are not cheap and, while you might get some rental income from the tenant, you also responsible for taking care of the property, fixing it up, making upgrades, and renovating it if the tenants trash it or other circumstances require it. As such, you must decide if owning a rental property is worthwhile. You must consider the costs involved vs. the financial rewards of owning a rental house.
Skip the Hassle and Sell to an Investor
Without a doubt, there is stress associated with being a landlord. There is a juggling act involved. You must decide if the prospect of owning the rental property is worth the worry, financial risk and/or obligations, as well as the potential rewards–financial and otherwise. If you own a rental property and decide you want to get out, Dependable Homebuyers can help. We buy properties in all conditions in the Annapolis, MD area and on varying terms. If we can make you an offer or provide you with more information, contact us online or call our office at (410) 779-4622.