Consider these tips before diving head first into the investment property market:
- Determine what you can afford to buy, you’ll need a minimum down payment of 20 percent for a small rental property.
- Do some research on the areas your considering and find out what the going rents are.
- Just like your home, a rental property is a valuable asset. Ensure you choose the proper insurance to help protect you from the financial impact of any unforeseen events.
- Consider a property manager. While this will cut into the cost of your rental revenue, it could help to minimize your stress level
- Good tenants are hard to find. Property managers will screen potential tenants for you, but as a landlord, you’ll need to know
Declutter – clear off all of your counters and ensure any unnecessary decorative are packed away. Don’t forget to declutter your garage too!
Keep it clean – A deep clean before even listing your house will help to make upkeep easier for you.
Deal with minor repairs – They may seem minor, but cracked caulking, a torn screen or a dripping faucet could give buyers the impression that your house isn’t well maintained.
Tidy the bathroom – Put away your personal toiletries, along with old towels and toothbrushes.
Head out – It can be awkward for the potential buyers if you’re at home during a showing.