Selling real estate can be just as much work as buying. There are so many things to worry about as you prepare your home to list on the market. Then you have to worry about the real estate agent you will hire to help you get the house sold. After that, you have to worry about who will be coming in to tour your home throughout the week. Will you hold an open house? Do you take the first reasonable offer you are presented with? Our blog was designed to assist you through the selling process a little bit easier.
When you're thinking about buying a rental property, you're smart to start your search by hiring a local real estate agent. The assistance of this professional will help you find the right property that you'll be able to turn into a lucrative investment. Before your agent can start pulling up real estate listings for you to consider, the two of you will need to have a conversation about what you're looking to get out of renting out a house. Armed with this information, your agent will work to find the right listing for you to buy. Here are some things that you'll want to ask about during your initial conversation.
Sought-After Rental Property Specifics
If you want to have a rental property that earns you money quickly, you need to know what people in the city are looking for in terms of a rental property — and your agent can provide you with this information. For example, if you're looking to buy a home in the suburbs to rent, your agent might indicate that there are a number of families who rent in the area. This will likely mean that you want a house with at least three bedrooms. If you're looking in an area near a college, your agent might suggest that you should buy a house that has been converted into multiple units suitable for students.
Average Rent Paid In An Area
In order for your purchase to make financial sense, you'll want to find out how much people are paying for rent for certain types of dwellings in the area you're targeting. This will ensure that you end up buying a house for a price that is conducive to earning money. For example, if your agent indicates that a specific type of home is commonly being rented for $1,250 per month, you'll want to find a house that will have a monthly mortgage of less than this amount. This will allow the rent to cover the mortgage and put some money in your pocket each month.
Local Market Forecast
It's also good to talk to your real estate agent about the current market conditions and the forecast for the future. For example, if analysts are suggesting that the interest rates will soon drop, this can make it more affordable for people to buy homes — which means that you may struggle to find tenants. Conversely, if interest rates will be climbing, more people will theoretically be in the market to rent, which makes it a perfect time for you to buy a house to rent.
For more information and help, contact real estate agent services in your area.Share
22 December 2016