Buying a Lakeland Fl Home For Sale Which Used To Be A Rental
Some investors buy rental homes since they are priced lower and are usually located in nice neighborhoods. These are the types of homes that usually appeal to first-time home buyers on a budget, which are usually their target market.
But if you are looking for a Lakeland Fl home for sale for you and your family to live in, should you consider buying a home that used to be a rental?
It isn’t a bad idea to buy a home that was previously rented, however you should be prepared to get a home inspection and negotiate for a lower price. It could be either an excellent deal or a nightmare filled with damage and defects.
Here are some tips before buying a Lakeland Fl home for sale that used to be a rental:
1. Check out the neighborhood. Make sure that other homes in the area are not rentals. You could get this information from the neighbors. If most of the homes in the neighborhood were occupied by the owners, then you wouldn’t have to worry much about fluctuations in the market value of the Lakeland Fl homes for sale in that area.
2. If the rental house does not look as well-maintained as the other houses on the street, you might be able to negotiate for a lower price and end up with a great bargain. Does it lack curb appeal? Is the grass on the lawn dying? These are simple maintenance issues that you can do by yourself but could greatly affect the purchase price of the home.
3. Take a tour of the home without the tenants. It’s best to see the home vacant since it would be an awkward situation for the tenants to be there while the future owner checks out the home. It’s like looking forward to being ousted from the home. Another reason why it’s best to view a home without the tenants is you can freely open closets and storage space. Some tenants may discourage you from doing so if they are present.
4. Give the tenants at least 24 hours notice before touring the home. Most rentals do not allow a lockbox on the home.
5. Be cautious of tenants who do not want to move out and might try to sabotage the sale of the Lakeland Fl home by making up problems or exaggerating minor defects.
6. If you are viewing the home with the tenants inside, keep in mind that the tenants are not going to benefit from the sale therefore they will not keep the home in showing condition, so just overlook their personal stuff and clutter and try to imagine the home with your own items.
7. Look for signs of damage in the home like leaky faucets, soiled or ripped carpets, holes in the walls, and appliances not working.
Before buying a rental home, make sure to get a home inspection. Ask your Lakeland Fl agent for referrals of home inspectors and interview them before hiring. Be present during the home inspection and ask the inspector questions regarding damages and necessary repairs. Ask for the inspection report. A good and thorough inspection report usually consists of 30 or more pages.
If your inspection uncovers major defects, ask the seller to repair them or contribute money towards your closing costs to cover for your repair costs. Make a list of the needed repairs and focus on the more expensive repairs.
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