The first thing that people think when they decide to buy a property as an investment is that they can just buy the home, rent it out and not have to worry about it. While this is possible to some extent, all properties need maintenance and a lot of times, investment properties need the most work. If you have talked with a local realtor and are considering local real estate listings as an investment, then it is important that you understand what you are getting into before you sign the ownership papers.
Owning an investment property is similar to owning the home that you live in, but also different in many ways. Of course, both types of properties you want to keep maintained and livable, but you might not have the high standards for a property that you are not living in. One thing that you should look for when you are looking to find homes as an investment is whether or not you would feel comfortable living in the house or property.
Just as you wouldn’t search homes for the cheapest option to buy for yourself, you shouldn’t buy an investment property based only on price. When looking at Hampton Roads Real Estate Listings for example, you may want to think about what a renter would like to have in their home before deciding on which options are most important to you as a landlord. Maybe you don’t care how many bathrooms are in the home, but if you want your renter to pay top dollar, they will want more than one bathroom in the house.
That being said, you should also be sure that you cannot afford to take on an investment property before venturing into this new world. While it would be great if you could buy a nice luxury home and rent it out continually, either long term or short term, you need to consider that there may be months when rent is not coming in. Before purchasing a home as an investment make sure that you decide whether or not it will be a vacation rental or a lease rental.
No matter which type of rental you choose to do, consider living in the home while you are getting it ready to rent. This way you have firsthand knowledge of the details of the property and will be able to answer specific questions from tenants. Don’t forget that being a landlord also can mean that you are the handyman. If fixing things is not your specialty, be sure that you have someone one speed dial that can deal with such problems.
The last thing that you should consider before you purchase is that closer is better. You may not want to buy the home next door to rent out, but check out local real estate before you decide on a rental that is far from your home. Tenants like having a landlord close in case something happens in the rental that needs repaired, etc. It will also save you time and money if you are closer and can get to the house quicker in an emergency.
I have worked with Don for a couple years and he is a true real estate professional. He is always able to find what my clients want for their family, and does it quickly.
~ Nick, Local Mortgage Agent