It’s known that buying a home can be a secure option to invest in. And lately, many are taking advantage of today’s low rates and home prices to buy investment homes.
If you’re thinking about getting another property, keep in mind the following 8 tips to make sure your home purchase goes with the greatest of ease. And of course, call your Guaranteed Rate loan officer to make sure you qualify!
1. Location
Make sure you invest in the best location you can afford. This will determine how much you’ll earn on your house, whether you’re renting it out or holding onto it to sell at a later time.
2. Control How Much You Fix Up
If you’re planning on making your investment home a rental, those renters will give your home some wear and tear, so don’t go crazy when fixing it up. Just stick with simple, light, bright and clean units to please possible tenants.
3. Be Prepared with Cash on Hand
4. Think Long Term
By planning to keep the home long term, you’ll be able to ride out any swings the housing market might throw your way over the years.
5. Consider All Options
Decide what you’re going to use the property for. Is it a vacation home, condo for your child in college or are you going to rent it out? Once you figure this out, consider what type of property would be best for your needs.
6. Calculate Cost of Ownership
Make sure you factor in all the expenses of owning and managing a home. Click here to help calculate what you can afford.
7. View a Property’s Potential
When viewing properties, make sure you see what the property can be, not what it is right now. With a little imagination, you could find yourself with a great deal and property!
8. Familiarize Yourself with Landlord Rights and Potential Tenants
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