Is Renting Better Than Buying in North Texas?
It hasn’t always been the case, but right now, it’s more feasible to rent than it is to buy in the North Texas market.
Although recent research shows that in more than 500 U.S. counties, buying is over 60 percent cheaper than renting, the North Texas area stands apart from that tally.
Median home prices in North Texas have risen close to 50 percent in just five years. The Dallas area is no longer on the list of affordable home buying markets. Compared to market rents, Dallas County median home prices have risen 47 percent, while during the same 2012 period, rental prices have seen only a 24 percent increase.
Rising mortgage rates are not helpful either. For renters who have yet to become homeowners it may become even more difficult. The study also revealed that both rents and home prices are increasing faster than wages in most U.S. markets.
For rental property owners, this is good news as far as your investment goes. It also makes the scenario more attractive to hire a professional management group to handle your rentals. You’re already a leg up on the market, so why bother with the hassle of property management when you don’t have to.
That’s where Cousin James Management can step in to help you realize a smooth transition from vacant rental property or rentals that need a facelift to finding highly qualified tenants who will stay long-term.
We can manage all the details, including verifying your tenants as the best possible renters you can find. Then you can say good-bye to rental property sitting without tenants. In fact, our goal is to find the kind of tenants who are not only reliable, solid people, but also tenants that will stay with you long-term.
Need repairs on a property? We can do that, too. Our inventory of highly qualified trades people covers every gamut. Need it done fast? That’s easy. Contact Cousin James Management for all your rental property management needs and see how much more you’ll enjoy being a rental property owner in the North Texas area.
Moving to a Retirement Community? What About the Family Home?
So you’ve made the decision to move to the lovely, new retirement community nestled in a tree grove by the lake – and a golf course? Sounds idyllic to most retirees, right? But what about the family home you’ve lived in for years, raised the kids there and have major investments you’d like to recoup at least in part?
That’s not to say you and your spouse won’t sell the family home, but it would be nice to have some time and options to feel confident that you’re making the best decision (and getting the best price).
What do you do?
There’s always the option to rent it out and enjoy the extra funds. But do you really want to be a landlord? And do you realize the time and degree of difficulty involved in being a landlord? After all, isn’t the idea to take it easy, play some golf and enjoy some relaxation?
In the long run, maybe selling the family home is the best decision. But that takes time and there will, no doubt be repairs and upgrades needed even if it’s in immaculate condition right now.
Whether you rent it out or sell, there is an easy solution to managing your family home property.
Consider the immediate advantages of having a professional property management company step in and take care of everything.
Cousin James Management, a full service, family-owned, real estate business has been managing property for more than twenty years in Dallas and Fort Worth. Whether you want to rent your property or prepare it for selling, we understand the challenges of both. And we know how to handle them.
All of the critical make-ready details are managed by one of our trusted contractors. If you decide to rent, we manage every detail, including vetting your prospective tenants.
Feel confident about moving to your new retirement community, knowing that Cousin James Management will take of your family home property as if it were their own. We’ll manage the listing, maintenance, even rental collection while you get to know your new retirement home and enjoy some time relaxing and playing golf.
Investing in Rental Property? Good Things to Know.
So you’ve made the decision to invest in rental property. You want to put some of that disposable income to work for you and a rental property investment seems like a good place to start. Of course, like thousands of others who have made that decision, you’re in for a lot of surprises. While owning a rental property can sound like easy income flowing in, the fact is you have to work for it in ways you might not realize.
Before you jump in, let’s look at some of the challenges ahead. That way you will be better prepared to make the long-term decision about investing in a rental property.
Many people start out buying a property they live in for a while and then move into a larger property, keeping the first one as a rental. Other people have gone on to make a business out of it, or at least a secondary business. Either way there are lessons learned at every interval.
Tenant Selection
Take a professional screening approach rather than the good neighbor attitude when it comes to vetting your tenants. This is extremely important. While we don’t want to believe it, people can be very uncaring and even destructive. Select or qualify tenants that will treat the property as their own, taking pride in a mowed lawn and well-kept landscape. They may be calling you more often about things that are run down or broken, but that tells you they care about the property. Good tenants are worth the extra effort.
Property Taxes
Be sure that you understand your states property tax codes; they are usually higher on rental properties than on homesteads or the property at which you reside. Don’t base your rental price on the previous mortgage amount, as it may be very different. As rental property taxes increase, you need to be able to adjust what you’re charging your tenants for rent to stay ahead of the game.
Unexpected Repairs
It’s wise to have a special account or emergency fund set aside to cover unexpected repairs that are most likely going to occur. Whether it’s a new frig, dishwasher, clothes dryer or water heater, it’s best to be prepared.
Alternatives
Perhaps you really don’t have the time or resources to manage your rental property. While you like the idea of owning rental properties as an investment, you really don’t want to invest the time and mental energy of being a landlord. If that’s the case you will be glad to know there are full-service property management companies that will manage your rental property for you.
Cousin James Management has been managing rental property for more than twenty years in Dallas and Fort Worth. Our family-owned business understands that one of the biggest challenges for rental property owners is turnover and vacancy. We inspect your property throughout the lease term and once your tenant has moved out, and then put one of our trusted contractors to work making it ready for the next tenant.
But it doesn’t stop there. We then market your property for lease, find new tenant, screen then and help facilitate the move. You experience no loss in revenue and your rental property is once again at work for you.
We help make managing your rental property investment more stress-free and cost-effective while giving you more free time to enjoy the rewards. Contact us.