Do you own a rental property in New Jersey? Make sure you know the surprising truth of being a landlord in New Jersey because it’s not always what you think it’s going to be…
Owning a rental property seems like a great idea. You buy it cheap, you find a tenant, and then you profit from the rental income while you manage the property… how hard could it be?
The problem is, it’s often much harder than people realize and you may find (as many landlords do) the surprising truth of being a landlord in New Jersey: You give up your personal life – no more private time, no more vacations, no more weekend getaways… all because you’re so busy being a landlord.
There’s the work required
Owning a rental will keep you busy. There’s the work required to find the property, then to fix it up, then to find a tenant, then to answer the phone from them every time they call. Even if they call late at night because the toilet is overflowing, you have to take their call and deal with it.
Not to mention finding a tenant in New Jersey itself can be a time-consuming and demanding process. Landlords need to advertise their property, conduct showings, screen potential tenants, and negotiate lease terms. This process can be both financially and emotionally draining, especially if the property remains vacant for an extended period.
There’s the time
Some landlords try to own a rental property while they have another job but many discover that it’s just as time-consuming… it’s like having a second full-time job! Between chasing down your tenants to fixing things around the house, it’s one thing after another, being a landlord may mean that you do not have time to work at your other job… and that’s with ONE rental property. Landlords who own two or more are even busier.
The high demand for rental properties in New Jersey, particularly in urban areas and near colleges, provides ample opportunities for landlords to generate income. However, meeting tenants’ high standards and maintaining properties to attract and retain them requires significant time and effort.
There’s the cost
Rental properties aren’t cheap. Sure you get some rental income from the tenant but being a landlord means you also have to take care of the property, fix it up, make upgrades, and repair it if the tenants trash it when they leave. In other words, the costs add up and the financial rewards of owning a rental property may not be there for you.
Maintaining rental properties in New Jersey can be challenging, especially in older buildings. Landlords are responsible for ensuring that their properties meet health and safety standards, which may require regular inspections and repairs. Additionally, the state’s harsh winters can take a toll on properties, requiring extra maintenance efforts.
There’s the stress
When you add up all of those things so far, it equals STRESS! The stress of managing a rental property can be overwhelming. Landlords often find themselves juggling multiple tasks, from property maintenance to tenant issues, leading to constant worry and anxiety. The fear of receiving bad news, such as non-payment of rent or lease violations, can make even simple tasks, like checking the mail, a source of stress. This can take a toll on landlords’ mental and emotional well-being. And that is no way to live.
If you own a rental property and want to get rid of it because being a landlord is too much on your plate, we can help. We buy properties (even frustrating rental properties that have damage or bad tenants you can’t get rid of). Let us take the stress off your hands. Can we make you an offer on yours?