Owning additional property is a great way to boost your investment portfolio. There are different ways to manage your investment property, and you will have to decide how best to use it to your financial advantage. Maybe you’re considering using it as a second home or renting it out. Both options have merits. It really depends on what works best for you to align with your lifestyle and meet your financial goals.
Managing Your Rental Property
Renting your property to long-term tenants or as a vacationers builds wealth. However, even with potential tax advantages, renting takes time and effort. Think about whether you’re ready to be a landlord. This is a role that comes with additional responsibilities. Property managers are knowledgeable about local tenant laws and regulations, know how to manage money associated with rental payments, have time to find the best tenants, and are available to address issues, including home repairs.
If you prefer the stability of renting to a long-term tenant, you’ll have to screen potential renters, draw up a lease, set a security deposit, establish rental expectations, be prepared to field fix-it calls and manage preventive maintenance.
If you are partial to the higher daily rate of renting to vacationers, you’ll have to communicate with and welcome guests, provide frequent cleanings after visitors leave, determine rental rates, expect shifting seasonal demands, and be prepared to handle fix-it calls as well. For both scenarios, becoming familiar with the local market is essential. This knowledge helps set realistic rental rates and ensures you maximize potential income while properly pricing based on market demands. While renting out a second home isn’t necessarily a full-time job, it’s still an intense time commitment.
Windermere Property Management
If the responsibilities associated with managing your investment property are starting to feel like too much, Windermere Property Management is available to help. Our colleagues there manage rental properties throughout Kitsap County, including Bainbridge Island. With more than 31 years of collective experience, our full-service property management company takes care of handling all your rental management needs. This includes marketing your property, effectively setting rental rates, screening potential residents, collecting payments, and resolving maintenance issues.
Windermere Property Management’s goal is to set your mind at ease by providing the best management possible. They have helped many satisfied clients with personalized, dedicated, and responsive service. Christopher L., a satisfied client, recently described his experience saying, “Very professional and hard-working team. I feel very supported having them prepare and manage our rental.” For more detailed information, please visit the Windermere Property Management website.
Managing Your Second Home
If you’re unsure about renting out your property or if you are not ready yet to make that leap, using your investment property as a second home is still a great option. A second home can serve as a family escape, a holiday gathering place, or a potential retirement home. In the short term, your home away from home is a vacation getaway. In the long term, you’re building equity, and it’s increasing in value over time. Typically, property values steadily increase over time and generally aren’t tied to the gains and losses of the stock market. That said, a second home still needs to be maintained and cared for.
With a second home, be prepared to handle managing the property. Have a plan in place for paying utilities, receiving mail, maintaining the yard, performing preventative maintenance, and troubleshooting unexpected issues. This can be challenging, especially if you live far away. Also, if time slips by and you’re not able to visit, then small problems go unnoticed. Issues such as plumbing or roof leaks can escalate quickly when not addressed immediately. It’s best to have someone trustworthy checking on your house regularly when you can’t be there.
To make sure your second home is well cared for, Bainbridge Ready is available to help. A partner of Windermere Real Estate, Bainbridge Ready is a locally owned and operated home management company that provides a full spectrum of home care services. These customized services include regular visits and inspections, severe weather monitoring, coordinating maintenance, and meeting service providers. Our residential concierge, Kim Anderson, takes home care to the next level by preparing for your arrival too. This can include stocking the refrigerator, airing out your home, flushing the pipes, setting up patio furniture, project managing the replacement of appliances if needed, and following a proactive approach to home maintenance.
For a complete list of services, please visit the Bainbridge Ready website. Kim’s extensive expertise, personal touch, and attention to detail helps homeowners feel at ease while away. Sara B., a Bainbridge Ready client, said, “We have been with Bainbridge Ready for about 6 months and couldn’t be happier with their care of our property! We receive instant notification of anything Kim feels needs attention. While we are away, we feel very comfortable that our property is safe and being well cared for by Kim.”
Whichever direction you decide to go, Windermere can assist with managing your investment property. Contact Windermere Property Management or Bainbridge Ready to find out more about how they can help.