Deciding to purchase a rental property is a big investment step. My Dwelling is here to guide you through the process confidently while providing resources along the way. Here are eight points to research and think about while looking for a rental income property.
1. Will you be the active property manager? This depends on location. If the home is close to your own home, you could be the active manager or if the home is farther away, you can also hire My Dwelling to be your property manager.
2. What kind of neighborhood are you looking for? Suburban families? Near a university for high-turnover? This will help you figure out how often vacancies may occur.
3. What kinds of schools will you be near? Parents with children or planning a family will be looking at the school’s rating and will want to live close. Find a school with a quality rating.
4. How is the local rating for crime? Crime decreases the value of your potential property as well as people wanting to live in that area.
5. How is the local job market and see how it is faring. Are there start-ups in the area or places where businesses are growing? People like shorter commutes and having a growing business in the area would be a positive attribute.
6. What are the amenities in the neighborhood? Are you near a gym, shopping, a park or restaurants? Proximity to these perks will help your price while keeping your building filled.
7. How are the vacancies or listings in the area? Are there a lot of open slots? This may mean that the neighborhood has become less desirable or maybe it is cycling over from old to new. Do some research to find out what the case is.
8. What is the average rent in the area? Rental payments are how you are make your income; it is a good idea to see what you can charge in the area before buying.After looking into these eight options with your My Dwelling representative, it should paint a clear picture on just what kind of rental income property best fits your needs. Your My Dwelling representative can not only help you with finding your rental income property but also maintaining and more! Contact My Dwelling today to find your representative.