If you’re planning to move out of Florida, you may be wondering what to do with your Volusia County home. Many homeowners are quick to sell without thinking about their other option: renting it out.
Renting out your property can provide a number of benefits.
Volusia County Rental Market
The rental market in Volusia County is pretty strong. There’s a good pool of tenants, and the rents are stable. The sales market can be a bit more volatile. If you aren’t sure you’ll be able to sell your home for the price you want or there’s a lot of competition on the market currently, you might have better results by renting out your home.
Increasing your Wealth: Renting for Long Term Returns
Savvy property owners who are interested in long-term investment income know that it’s better to hold a property than to sell it. The longer you own this asset, the more it will be worth to you. While you’re renting it out, your tenants are contributing to your mortgage and covering all the expenses associated with owning a home. They’re paying the utilities and they’re helping you maintain it.
There are also some great tax benefits that aren’t available to you when you sell. You can depreciate your investment and deduct anything you spend to maintain it. You can also deduct property management and other professional fees. After renting it out for a few years, if you decide to sell it, you can defer your tax liability by purchasing another income property through a 1031 exchange. Holding the property and renting it out increases your investment options.
Working with Volusia County Property Management
When you own a rental property and live in a different state or even a different country, you need local and experienced property management. ‘
Look for a local resource with a team of people who are ready to be the eyes and ears you need on your property. A good management company will handle showing the home and screening the tenants. You should expect detailed move-in and move-out inspection reports and an immediate response to maintenance issues. Find a management company with experience enforcing your lease and collecting rent on-time.
When a tenant calls to report a maintenance emergency in the middle of the night, you aren’t going to have an easy time finding a plumber when you’re several states away or across the world. Local property managers will have established relationships with plumbers, electricians, and other professionals. You’ll have someone you trust at the property to assess and mitigate the damage.
Stay in Touch with the Best Technology
You’ll need a Volusia County property management company that invests in technology. You should expect an online portal where tenants can pay rent and request routine maintenance. Owners use these portals to check their accounting statements and reports, review maintenance invoices, and get in touch with their management team. All rent payments can be made electronically, and you can access this system at any time of the day or night, from wherever you are living or working.
A good technology platform will allow you to track income and expenses, communicate with your property managers, and stay up to date on lease renewals, marketing strategies, and lease negotiations. Out-of-state investors need good technology to stay in touch and feel empowered.
When you’re making plans to move out of the area, don’t rush to sell your home. Consider renting it out instead, for long term wealth and extra financial security. We can help. Contact our property management team at Oceans Luxury Realty.