It's not uncommon for landlords to own more than one home. Perhaps you moved into a larger, better-suited home for your growing family as your life progressed. As you’ve begun doing your research into real estate investing in Virginia Beach, you know that adding properties with a quick turn-around time is the engine powering a growing portfolio. What could be easier than turning your "spare" home into another asset?
Whether you’re a well-seasoned investor or just starting to explore how investing in property generates long-term wealth, starting with local property management in Virginia Beach is the first step.
Portfolio-Boosting Power via Property Management
While homes are in high demand in the Virginia Beach area, when millennials are your primary market, it makes sense to turn that spare home into an investment property. Whether it's a rental home as a short-term solution or you decide you like that addition to your wealth-building, an easy rental property is one of the best ways to keep growing! This is where local property management in Virginia Beach plays a crucial role in your wealth-building process.
With the assistance of expert property management, you can swiftly turn that spare home into a powerful asset. Plus, if you decide you love the passive income that rental property in Virginia Beach can provide, working with one of the leading industry experts in property management makes exporting a successful model to other homes easier than ever!
Tenants love consistency; when you decide to start adding more properties, that can quickly become a challenge. As first-time landlords rapidly discover, even one property can be a struggle to maintain when you already have a full-time job! Landlords have to tackle a whole host of responsibilities, including:
- Screening potential tenants
- Managing maintenance and upkeep
- Handling the accounting
- Performing routine inspections
- Drafting an air-tight lease.
While juggling all of those tasks on your own might make becoming a landlord seem daunting, your property management partner is there to remove that stress. The right property management company knows exactly what’s needed to turn your home into a fantastic rental property in Virginia Beach.
That Spare Home Could Make an Excellent Rental!
Those without insight into the rental market in Virginia Beach may consider selling their homes. The housing market in Virginia Beach is tight: more homeowners are holding onto their homes long-term. With the extensive military presence in the Virginia Beach area, renting out your spare home becomes a common-sense way to build long-term wealth.
Consider these elements when adding your spare home to a developing investment portfolio:
- Have you made improvements that increase your home's value? Depending on the upgrades, you could be looking at a better rental rate in your area when your spare home becomes an addition to your portfolio. Other upgrades will hurt, depending on your competition. Working with an expert property manager can help you when it comes time to perform a rental analysis.
- If you've made repairs or upgrades, how much money have you put into the house? It's critical to recovering the costs of repairs or upgrades when choosing to rent your spare home. Ideally, you'll recover your costs plus add value to increase your profits.
- Does your spare home need additional upgrades? If your home needs work, those repairs could impact how quickly you can convert your Virginia Beach home into a rental property.
A Spare Home Equals Long-Term Income
Renters Warehouse Hampton Roads can help you develop that spare home into an excellent rental property to yield long-term income. With the rental market as powerful as it is in the Virginia Beach area—rental rates are rising all the time—there's no reason to let that spare home go! We’re here to manage your spare property (so you don't have to).
Why are rental rates in the area skyrocketing? In part, it’s caused by a housing crunch as millennials flock to Virginia Beach. It’s also a popular destination for retirees, leading to rates that continue to increase each year. Millennial renters also set the tone nationwide: they prefer to rent rather than buy their homes. Turning your spare home into a rental property provides you with an incredible, long-term asset as the housing market changes.
Short-Term or Long-Term: Whatever Works for You
The home you've outgrown is more than just a spare property—it’s a long-term wealth generator just waiting to get started. At Renters Warehouse Hampton Roads, we're here to support whatever you envision for your extra home! With our expert property management services, we can help you make decisions on how to rent your Virginia Beach property that will maximize its value.
We understand the rental market and what renters look for in the Virginia Beach area. Renters Warehouse Hampton roads do the research and be your guide! Whatever works best for your property and your finances is the best option. Get in touch with us today to explore your options as a homeowner—and investor.