Expenses

[Jennifer Fernéz]

Could someone give me an idea what types of expenses, other than repairs, that come with owning a rental property?   For example, is there home owner's insurance and how much is that a year?

Also, is it better to have a lower mortgage and the tenant pay heat, electric, etc, or is it better to have a higher rent and for me to pay those things?

Last - any tips in general you wish you had known when it comes to expenses and landlording?

Thanks!

[Colleen F.]

Look around the site and some of your questions will be answered in more detail but the short story is always have tenants pay utilities if you can.  THe costs you need to figure in are similar to those at your own house you just have to decide who pays them in some cases.  In Single families you can push most off on the tenant except water in some places. Insurance you need insurance covering rentals and sufficient liability. Tenants really don't pay attention to included costs after the initial apartment hunt.  They also don't watch their use if they don't pay for it.