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Hi Hugh:
We have our house for sale currently, but are thinking we will probably have to rent it for the time being as we have already closed on our new home. Although we have had many showings at our house, we have not received any offers. We are on Thimbleberry Road - I believe it is the E model - the larger 1385 sq ft 2 bedroom 1 1/2 bath. We are trying to figure out what we should ask for rent for our home. We have a nice deck off the back and a private back yard as well as all new appliances and a beautiful gas fireplace. Any help would be appreciated. |
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I would say a good condition Model E should rent at about $1050.00 per month. The tenant would pay the electric and gas & water and would also cut the grass and take care of the snow removal.The tenant would also make arrangement s for their own garbage
You would pay the annual association dues. I strongly suggest that you have the tenant provide a credit report, they can be purchased over the internet. A few late payments is not a problem, but you don't want to see a pattern of disregard for their finances, Most will always pay their rent...but in my experience a tenant who keeps his financial house in order, will keep your home and property in order as well.Generally speaking in the $1000.00 per month price range most tenants are vey good. The rental market is getting a glut of homes right now as many people are doing the same as you're contemplating. As long as you're remaining in the area its a good way to buy time to let the market come back, plus there are great tax benfits to owning rental property. If you leaving the area, I would strongly recommend a rental management company to take care of it for you. Hugh Brown REMAX Park Place |
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Hugh, can you recommend any good rental management companies? What services do they provide?
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I have heard good reports about Maxwell Property Management. I believe they already are handling the association business for one of the Forest's associations already. They have handled rental management for a friend in Wilton who lives out of state and he's been happy.
Hugh Brown REMAX Park Place |
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