Do the required research on rental properties. If you are considering purchasing a rental property, you should not consider buying the property until you have completely reviewed the records for at least the past two years. You need to find out if the person who is selling it to you is giving you the right info about what income it can generate. In addition, you need these records to prove that a rental property has generated income in the past before you can get a mortgage on the property.
When buying a home, bring along someone who is experienced with buying a house; their input will be valuable, even if you will be the only one living in the residence. This person can be very helpful in noticing issues in the house that you missed. A second opinion might be valuable, especially when asking the realtor questions.
Find an appraiser with a solid background if you want to buy a property. Hire your own appraiser instead of taking a recommendation from your real estate agency. Real estate agents use their own appraisers to determine how much a house is worth when selling it to buyers. So their appraiser may not be able to give you an objective opinion about the value of a house you are considering buying. The appraiser that you hire must be state-certified or state-licensed.
Research the properties you?re interested in prior to buying them. You should check a few important features for rental properties. Sustainability is the first one. The property should be in good condition. You should look at the bare bones of a house: the roof should be in good repair, the floors should be level, the plumbing and electrical should be in good working order. Also, when you make an offer on a house it should be contingent upon approval of a home inspection. The second factor you need to consider is location. Where the property is located should be a critical part of your decision, because it will be for your tenants. You need to ensure that your tenants can get to where they need to go and that the property is near commonly used retailers and service providers. Another thing to look for is what the average income is for the neighborhood. This will be different from the location; you should know that an area that has high rents is better than that with low ones. Residents in high rent areas may not be as concerned about the precise location as residents in communities that demand a lower rent.
Of all of the purchases you will make in your life, real estate investments will likely be the largest, not just in terms of financial expenditures, but also in terms of decision making. The advice in this piece can help you steer clear of common real estate traps, and make the best decision possible.
Thanks for stopping by this website dedicated to Louisville homes for sale and checking out our posts and viewing all of the available homes for sale in this community. For a bigger collection of blog posts plus weekly reviews of community real estate trends, please feel free to visit our Anchorage Ky homes site or for a more specific real estate search, please visit http://nortoncommonsrealestate.com/400k-500k/
Source: http://louisvillekyrealestateblog.com/?p=277
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