April 16, 2014

Fairfax VA Property Management Services – Property Managers

Fairfax VA Property Management Services for Rental Properties

Fairfax VA Property management for Rental PropertiesWhen using a property management company, there is a minimum level you should expect and receive whether you are the owner of a single family home, townhome condominium or complex.  One of the most important is of course the relationship between the property management company and the homeowner or property owner. While your Fairfax rental property is listed, it should be advertised in the real estate section of the most prominent local paper as well as on line and through signage where most of the calls are received. This way, tenants who qualify with their creditworthiness and referrals will be found for your property. The lease negotiations, collection of advance rents, pet deposit if applicable, tax escrow and ultimately eviction proceedings if necessary will encompass the cost. You will not have to ever meet or be in touch with the clients.

Because everyone has different standards, the management company or leasing agents you choose should meet compliance will all local laws as well as state mandated and Federal laws. An established company will have a list of handymen to assist in keeping your property up to standard as well as licensed personnel for specific needs such as electricians, appliance, or HVAC repair.

You should be given a written report at the time your tenant occupies your property because this report will establish a baseline for the care of the property and will be used along with a tenant move out list. Should you or the tenant require quarterly inspections for example, you should receive copies of all inspections as should the tenant, along with any recommendations. There should also be a system in place in the event an emergency occurs during the middle of the night. There should be 24 hour assistance keeping any possible damage to your property at a minimum.

Ask the company to provide you with their record on rent collection and their accounting system. Many companies today have electronic rent collection from which any repair bills, association dues, homeowner’s insurance can be paid for the owner. You should receive no less than monthly statements. During a repair, you should receive frequent updates via email or phone.

Finally, every year you should receive a 1099 which is a form required by the IRS. This will assist you and your financial advisor in determining the tax deductibility of items such as repairs. If you are interested in having your Fairfax VA real estate properties professionally managed please feel free to contact us. It will be our pleasure to assist you for all your property management needs.

Fairfax VA Homes Rent or Buy

Rent or Buy a Fairfax VA Home?

Fairfax VA home renters normally ask themselves before signing next years lease “Is it really smart to keep renting, or should I buy a home?”  Rent or Buy a Home? That is the question,. Fairfax home renters need to ask themselves do they want to own a home, or rent it?  Are they comfortable about really paying someonelse’s mortgage instead of their own?  because that is what they are really doing.  They’re also missing out on some tax advantages and benefits for deducting the interest on the the mortgage payments, and the property taxes.  If they buy a home right now, chances are they are buying ‘right’ and not overpaying.  That means they have a chance at making a profit down the road when they sell it.  It is still like putting money in the bank, unlike renting where no matter what happens in the economy, the rent has absolutely no return to them as an investment.  Renting in many ways just insures the future poverty of the renter.

I created a chart below that speaks for itself.  The easiest way to face the question should you rent or buy a home in Fairfax is to really take a look at it on paper.  The example below is just that – an example.  If you are renting a home it is a starting point to examine and plan for your future.  Please let us know if we can assist you in that decision.

So what makes more sense – renting or buying?

Are Fairfax Home Renters Throwing Money Away?

Are You Throwing Away Money Renting a Home in Fairfax?

Fairfax VA rent money is wastedIt is human nature in life not to look too closely at our actions.  Because at a closer look we often do not like what we see.  The same holds true on renting a home.  Yes on one hand renting is a lot more affordable, but on the other hand rents are cumulative if we look at it more closely.  It is just not the $1000 a month we pay in rent, it is the 12 months a year, and the years add up.  Over the course of 12 years, a landlord will never keep the rent the same rate.  The average rate of increase for home rentals on the average of 3% a year.  That also would be a very low rate of increase.  In most major metropolitan areas it will be greater.  So is we look at it realistically and conservatively it doesn’t sound too bad.  in 12 years the monthly rent has risen to almost $1,400 a month.  Now add that up over the course of time…months, years and wow!  You are looking at a dollar loss of $171,725.00  We are not even talking tax losses yet!  Mortgage interest can still be deducted each year from your Gross Annual Income.

RENT PAID OVER 12 YEARS

 

Do You Really Want to Rent Your Home Out?

Do You Really Want to Rent Your Home Out?

Circumstance can make the most reluctant of homeowners a landlord. A job transfer, a job loss, a financial turn, a divorce, a prolonged illness and even a bequeath in a will.  The point is do you want to be a landlord ?  Is it a boon or a burden?  There are many things that need to be answered in your own mind before leaping into the waters of becoming a landlord.  If you really love the home and have been transferred out on assignment can you envision others in your home? What if the home is trashed?  Who will watch the home, collect rents, and fix leaks in the middle of the night if you are living out of town?

You must ask yourself:

  • Will the rent cover your expenses?
  • Who will manage the rental? 
  • What are their fees?
  • Who will keep the maintenance up?
  • Will you rent it yourself,or use a real estate agent?
  • How will you set the monthly rent?
  • Will you allow pets?
  • Minimum rental term?
  • Is renting your home worth it, or should you just sell?

Renting a Home in Fairfax What Do I Need?

Renting a Home in Fairfax What Do I Need?

Fairfax home renters need to prepare themselves before they go out looking for the perfect place to rent.  Fairfax home owners want to know there is an ability of the tenant to be able to afford the monthly fees associated with renting a home…for not just the first month, but each month of the lease.  When you rent a home in Fairfax VA or anywhere in the USA, it is not just the monthly rent that is due.  There are utilities, electric, gas, water, sanitation, cable TV, phone, water, sewage, and perhaps even Home Owners Association (HOA), condos fees or facilities fees that also have to be paid.   So verifying the employment status of the renter, a credit check and actually verifying the renters employment status and income is a must.   So be prepared for a credit check, name, current address, employment history, social security number, bank statements, references, pay stubs or tax returns, references and have proper identification ready.  A word to the wise…it’s smart to start gather these items before you go out to look at homes for rent in Fairfax VA.

Oakton VA Homes for Rent

Oakton VA Homes for Rent - Home Rentals

Oakton Virginia is  a great place to live in the northern VA area.  Oakton is located in Fairfax county and has great access to I-66, Route 7, and Route 50.  Oakton VA is very convenient to all of the Washington, D.C. area. Nearby Oakton VA there are other fine communities sucha as Vienna, Chantilly, Reston, Fairfax City, Herndon, Fairfax, Wolf Trap, Fair Oaks, Dunn Loring, and Tyson’s Corner.  The Oakton vicinity is perfect for commuting into Washington DC, or working between Route 50, and Route 7 and Dulles technology corridor.  It is a great place to live and rent a home.

Oakton VA Homes for Rent

Vienna VA Homes for Rent

Vienna VA Homes for Rent and Home Rentals

Vienna VA Homes for RentVienna VA is a great place to live in the northern VA area.  It is located in Fairfax County Northern VA not too far from Tysons Corner, Wolf Trap,  McLean VA, Reston, Oakton and Langley.  It is an incredible place to live and is convenient to all shopping roads, and Metro and there is a lot to do!  Feel free to search for homes in Vienna VA for rent below!

Vienna VA Homes for Rent

Renting a Home vs. Buying a Home in Fairfax VA? Consider all the Factors.

Renting a Home vs. Buying a Home in Fairfax VA

Fairfax VA Rent VS Buy - Homes for RentSometimes making a decision of renting vs buying is not as easy as taking out a calculator and looking at the final number.  It is not that easy because there are so many factors to consider.  When making this decision, it is wise to weigh out both short term tactical needs and a long term strategic plan. There are many factors that sometimes make buying a home not the best personal option despite lower mortgage rates and lower house prices.  If a person has relocated to an area for a short term government job or military assignment relocation, or job with an indefinite horizon, it may make more sense to rent.  The reason being is that real estate is not a liquid asset even in the best of real estate markets. Sound reasoning will tell us that it may take time to liquidate the property, and a hastened sale may bring a home sold that sells at a loss.  However, a loss on the seller’s part can occur for many reasons.  Perhaps they paid too much for the property in the first place.  They could have been poorly advised by an inexperienced buyer’s agent or had no buyer’s agent at all when they purchased the property in question and in effect really paid top dollar because the listing agent only represents the seller.  Another scenario is that buyers need to buy a home with their eyes open.  They need to understand the long term trends that are occurring in the area they are purchasing their home.  There are some hard personal questions that the purchaser needs to ask themselves.  What are my short term needs and long term needs? What is the length of time you will live in this home?  Are homes prices more likely to rise or fall in the near future?  What about mortgage rates and the opportunities of buying now at a really low rate, vs. higher rates years from now?  What about schools, local and city taxes, the cost of utilities, the quality of life, transportation, and road improvements etc…?  What about my budget?  How does the rent or purchase impact me personally? 

This is all just some food for thought, but all items that we must consider before buying or renting a home.  If we can assist you, please feel free to contact us.

Herndon VA Homes for Rent | Rental Homes in Herndon Virginia

Herndon VA Homes for Sale

Find Herndon VA and Herndon Center homes for rent. Herndon VA homes, luxury homes, town homes and condos for rent.

Reston VA Homes for Rent

Reston VA Homes for Rent

Find Reston VA and Reston Center homes for rent.  Reston VA homes, luxury homes, town homes and condos for rent.

 

 

Visit Fairfax Homes for Sale, Loudoun Homes for Sale, Prince William Homes for Sale, and Alexandria VA Homes for Sale!