Should I rent out my property?

The Pros and Cons of Renting Your Scottsdale Property

Having an investment property can be a fantastic idea, and the idea of collecting money from rent each month is very enticing. Becoming your own boss sounds nice, and becoming a landlord seems like a great way to do it. It can be, but you need to know both the good and the bad.

While it is true that there are certainly a number of things that you will have to learn about becoming a landlord, you will find that this is a relatively easy form of investment. You are renting out your property to someone in exchange for money. At its most basic, it does not get much simpler than that. There really are quite a few benefits when it comes to renting out your property, but you also need to consider the drawbacks before you decide to make your investment.

The Advantages

One of the biggest advantages is that you are putting your property to work for you. When you are renting out a unit or home, you are able to amortize all or part of your mortgage, and you may even be making some extra money from the rental. In addition, you will find some great tax breaks available when you have an investment property. When you own a piece of property, there is always the hope that it will go up in value as well. When you look at the current market in Scottsdale, you will see that this is quite likely. The prices for homes in the area have been going up steadily over the past few years, and things seem to continue trending in this direction.

The Disadvantages

One of the big disadvantages is the sheer amount of work that you have to put in when you are first starting. After you have a good tenant in the property, things tend to flow rather smoothly. Getting to that point can be a real hassle though. First, you need to make sure that your home or unit is in great condition and that it doesn’t need any repairs. You also need to consider how you will be marketing the property and where. You have to take photos, start showing the unit and then screen the tenants.

After you’ve found the tenants, you do still need to collect the rent and handle their repairs and maintenance issues, along with any other complaints and issues they might have. Most of the time, these issues are small. However, you may have tenants that want you at their disposal around the clock. Chances are you have quite a few other things that you have to do in your life that will make this impossible.

In addition, you may find that you have some trouble tenants that are misusing the property, not paying rent, and perhaps causing problems for the neighbors.

The Solution

No one likes the idea of dealing with these types of people and problems, but they do exist. Does this mean you should give up on the idea of becoming a landlord? Instead of giving up a golden investment opportunity, talk with a Scottsdale property manager.

When you have a property manager in Scottsdale working with you, everything suddenly becomes much easier. They can take care of marketing and finding great tenants, dealing with poor quality tenants, collecting rent, and much more. Of course, you have to make sure that you are working with a quality manager who has plenty of experience if you want to reap these benefits.

As you can see, there are pros and cons of renting a property in Scottsdale. When you work with a Scottsdale property manager, you can be sure you are getting the benefits without all of those drawbacks.

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