Paperwork and Administrative WorkThere is additional paperwork required, especially when you’re working to place your first tenant with a voucher program. There are a number of qualifications that you need to meet as a landlord, and qualifications the property needs to meet as well. The tenants will also have their own set of requirements. All of that additional paperwork and administrative time can lead to longer vacancy periods for you, and delay the date that you can start earning income on your property.
Additional InspectionsAdded inspections by the housing authority will also be necessary throughout the tenant’s stay. Some landlords see this as a reason not to participate in the program, but others see it as a benefit. It can be inconvenient, but it also provides an additional layer of supervision for your property. Someone is telling you what to do to better maintain your property throughout the year. It can be helpful if you need to know what maintenance issues need attention for the long term upkeep of your property’s condition.
Guaranteed Rental IncomeThe most obvious benefit to a government voucher program is the guaranteed rent you’ll receive from the housing authority. Every landlord’s goal is to have rent coming in on time, consistently. In some cases, you can even get above market rent for a tenant with a housing voucher.
If you need help deciding whether you want to use a voucher program when renting out your property, please contact us at Dodson Property Management. We would be happy to help you with any of your questions pertaining to property management in Virginia.