Considering all of the Expenses Associated with Renting your Property

Many homeowners in today’s tough housing market have made the decision to not sell until the market begins to show signs of significant improvement. They are instead choosing to rent out their properties so that they can still move onto a new home, but also enjoy rental income to pay for their existing home’s mortgage, property taxes and maintenance.

Deciding to rent your home is a very personal decision, and it is certainly not for everyone. It may be a time-consuming, often frustrating, endeavor, but many homeowners successfully rent out their properties every day with very little inconvenience.

When you begin to consider the rental price for your Jacksonville property, don’t just account for the mortgage payment. It is important to consider all of the other expenses that you will still be responsible for when you rent out your Jacksonville property. Although you can’t reasonably expect to recoup all of your costs associated with maintaining your property, it does help to have a good idea of what to expect so that you can properly manage your budget:

• Utility bills – Will your renter pay for the home’s sewage, garbage, electricity, water and gas service, or will you pay? Many landlords expect their renters to pay for certain utilities, such as water and electricity, while they cover others.


• Property insurance premium increases – Contact your homeowners insurance company and inquire about the changes in your premiums once you list your home as a rental property. Most insurance companies will raise rates for rental properties.


• Property tax increases – Expect to see an increase in your property taxes, as well, when your home becomes a rental property.
• Repairs and maintenance – Are you prepared to handle the repairs and maintenance on your Jacksonville property, or will you hire the services of a professional to handle the home’s maintenance (particularly if you don’t live close by)?


• Marketing and advertising – Don’t forget that it will likely cost you money to market your home to renters. Include the cost of advertising and credit report checks into your budget.

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