When permanent military reassignment comes around, selling your home may not always make financial sense, and may be difficult in terms of timing. This leads some military families to choose to turn their current home into an investment property.
For Fort Belvoir and other military families in the area who are on the lookout for property management in Woodbridge VA, they may find themselves doing online research around a few common questions. These questions may include:
- How do you find a quality tenant?
- How much rent do you charge?
- Should I have landlord insurance?
Having the right property management group can help you get answers to these questions and can help you manage some of these unknowns. However, understanding these basics yourself can give you some solid peace of mind.
First of all, what is a property management group in Woodbridge VA (or anywhere)? This is a company that specializes in renting out home properties to tenants. You would work with the group on the exact terms of what services they would provide for you, but generally they would do things like help maintain and check on the property, show the property to potential tenants, handle leasing, etc.
Here are some of the other commonly asked questions:
How do you find a quality tenant?
According to the site USAA.com, properly screening your tenants ahead of time can head off a lot of problems down the road.
“Know the tenants,” the site said. “Just not too well. Renting to friends or family may make it difficult to enforce the terms of the lease. Instead, get to know a tenant by properly screening his or her credit report and running a criminal background check.”
How much rent do you charge?
Typically this is percentage of your home’s value. Note that this is the amount determined by a professional home value appraiser, not what you see on a home search website. A professional in property management in Woodbridge VA can also help you determine the rent you should charge based on similar properties in your community.
Should I have landlord insurance?
As you could probably guess, the answer to this question is that while legal requirements may vary, not having this insurance can leave you open to quite a bit of risk. There are two general types of landlord insurance. The first, property, covers your property should damage be caused by the tenants or other causes. The second is liability. This protects you financially should harm come to the tenants or other persons while on your rental property.
The cost of landlord insurance can vary based on the value of the property you are renting. Your insurance agent can help you with this. Or, you can seek out a professional in property management in Woodbridge VA who can connect you with an agent who will help you get a quote for insurance on your property.