Write an article based on this "Calculate your yearly mortgage payments. Get a quote for insurance. Include any management fees or other property expenses. Estimate costs for repairs and maintenance."
If you have a mortgage on the property, total the mortgage payments you would make over the course of a year, including interest, taxes, and any associated fees. These payments are part of your cost of owning the property. Even if you don't have a mortgage, you're likely still responsible for property taxes on the property. Those would also be considered part of your costs of ownership. If you don't own the property yet, use an estimate of mortgage payments or get an offer from a mortgage company for the property and use that number instead. If you rent out the property, you'll typically need landlord insurance, which may have different rates than homeowner's insurance. If you don't already own the property, a quote from a reputable insurer will help you estimate this cost. In addition to landlord's insurance, you may also want to consider other types of insurance to cover damage to the property. Rent insurance may also be available to you, which provides you some money in the event your tenant breaks their lease or needs to be evicted for nonpayment of rent. If you've hired a management company to run the property on your behalf, their fees are considered part of your costs. You may also have other property expenses or fees, depending on where the property is located. For example, if you only own the building but not the land, you may have to pay rent for the land that the property sits on. If you have a unit in an apartment building or condominium complex, you may also have association fees to consider. Over the course of the year, your tenant may have things break that need to be repaired. While you can't necessarily predict all of these expenses, you can typically come up with a reasonable estimate based on the age of the property and its fixtures. You also want to consider major repairs that may be necessary in the event of a natural disaster or other event. While your insurance may cover some of this expense, you'll likely still have to pay a deductible.