Expense

The Unintended Costs Of Being A Landlord

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Unexpected Expenses Of Being A LandlordMy wife and I recently listed out home for rent with a property manager. I found a great property management company that I have really enjoyed working with after asking tons of questions before hiring a property manager.

Now that we have started to get the ball rolling finding renters and even showing our house to potential renters I have found a few expenses that have cropped up. Some of these costs were expected, but a few of these new expenses have kind of caught me a little off guard.

Unexpected Expenses Of Being A Landlord

  • Advertising fee with the property manager – $100
  • Getting our HVAC tuned up – $100
  • Purchasing a home warranty – $500 per yearOverdue yard maintenance – $300
  • Storage unit since we are downsizing – $150 a month
  • Moving truck rental – $300
  • Maintenance fund our property manager requested – $500
  • Carpet steam cleaning – $200

TOTAL INITIAL COSTS – $2,150

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The Little Expenses Incurred Can Quickly Add Up

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Coffee can be a budget buster.I have to admit that when I stand in line at the grocery store (or any store for that matter) that I am always tempted by the impulse purchases in the racks by the checkout counter. What’s the harm in those little expenses incurred?

It is only a dollar or two, right? But, those dollars add up. It is the little expenses in our lives that can really get us into trouble and knock our family’s monthly budget out of whack if we are not careful. The little expenses add up over time.

We Study Large Expenses Incurred

We bend over backwards to find a great deal on a new car, when we buy a new home, or even a large purchase like a new television. But, we tend not to think about the small purchases we make.

I think that it is almost the equivalent to pigging out at a restaurant and ordering diet soda. Far too often we think that we are being good financial stewards of our money be studying the large purchases we make to death.

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