After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
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When you know that you want to become a rental property owner, you have to understand that your needs are substantially different from that of most renters—both in lifestyle needs and aesthetic choices. Also, it is not possible to accommodate the needs of every applicant that you are going to have, so you should look for qualities in homes that appeal to people in general, which will maximize your chances of enjoying short vacancies.
Bedroom and Bathroom Balance
A rental home should have a nice balance of bathrooms and bedrooms. For instance, a three-bedroom home with only one bathroom is a stretch, mainly because most couples want to have a master bath to themselves. This is especially true for families with children. Although a third bathroom in a three-bedroom home is certainly not a negative quality, it does not necessarily add much value because it is not something that people really need.
Safe Neighborhood
Although you can take a gamble on a home in a not-so-safe neighborhood, doing so is not the smartest decision because you have limited control in regard to the security of the property. For instance, you can install a home security system and make sure the doors and windows are equipped with high-quality locks, but it is up to the tenant keep the doors and windows locked when they are asleep or not home.
Medium-Sized Kitchen
A small kitchen might be okay for those who do not enjoy cooking at home, but most people who are interested in renting a three-bedroom property are going to do a decent amount of cooking. It is best to prioritize a medium-sized kitchen as this will provide enough space for doing everything needed in the kitchen.
Natural Light Abundance
Having to rely on artificial light is not necessarily a deal breaker, but it is something that you should try to avoid because homes that receive plenty of natural light are generally more appealing. They make for better photos, and they can make excellent impressions when people come to look at the rental home.
If you've never purchased a home with the intention of renting it out before, it's a good idea to get the advice of an experienced realtor. With their insight, you can narrow down the homes available and look for places that will show well and attract tenants with ease. This can also help ensure that you're able to fetch a higher price for rent, allowing you to be happier with your rental property.
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