4 Costs Associated With Rental Property in Orlando

Summary

These three factors exist in rental properties throughout the Orlando area and we can help you find them. In fact, we’ve got an inventory of homes that meet these and other requirements for what makes a good investment property in Orlando… and our clients love working with us because we help them bypass the time and effort required to FIND these properties, since we’ve already done a lot of the legwork.

There might be a number of different reasons why you need to sell your Orlando Florida house fast.

To find answers to your Real Estate questions visit my blog.

Please take a peek at our current listings.

If you’re thinking about investing in rental property, you’re probably doing your due diligence to make sure it’s right for you. Likely, one step in that due diligence is figuring out what expenses you’ll pay. Smart! To help you, we’ve created this list of 4 costs associated with rental home’s in Orlando…

When it comes to investing in investment properties, it’s easy to think of the cash flowing income. But remember that your profit doesn’t come from the gross rent but what’s left over after your expenses. For that reason, here are 4 costs associated with rental property in Orlando that you should be aware of…

4 Costs Associated With Rental Property In Orlando

#1. Taxes And Fees

One of the costs you’ll have is the property tax you’ll pay, which could include property tax, school tax, municipal taxes, waste and recycling tax, HOA fees, as well as any potential income tax on your rental income. We can’t give you an exact amount that you’ll pay (it depends on a number of factors) but you should be aware of what the taxes will be.

#2. Insurance

Investment property is an asset and you’ll want to make sure that you and your asset is protected. For that reason, you should insure it. Make sure you insure the property and structure against damage (such as fire), as well as have some liability insurance in case your tenant or a visitor hurts themselves. Your tenant should also have insurance on their belongings.

#3. Upkeep

Another cost, which may be harder to estimate ahead of time, is upkeep costs. This includes things like the costs to maintain and repair the furnace, hot water tank, roof, and the plumbing and electrical systems in the house. Upkeep costs would be incurred whether you live in the house or your rent it out, and they’re important to ensure that your rental property is a nice place to live.

#4. Time

This last cost might surprise you but it’s the cost of owning a rental and dealing with tenants. You’ll need to spend some time finding a tenant, doing a background check, making sure they pay their rent on time, and occasionally checking on the property. And, since “time is money”, there is a cost implication to you. It can be minimized, though, with an investment into a good property and a property management team.