It’s home buying time! While a rental home may look great on the inside and outside, there are a lot of other factors to consider when selecting a rental property. You need to think about your investment goals, consider the location of the home, and find out the municipal regulations and HOA codes. For your real estate, management companies can really help you find that perfect property. Here are some tips from Specialized Property Management Dallas.
Investment Goals and Financial Standing
Be sure you know what your investment goals are and where you stand financially before you purchase a property. It won’t do you any good to buy a $450,000 property if you can’t even afford the down payment. Most investors invest in homes that have a mortgage they can easily afford, just in case their renters have problems paying. At the same time, if the home can’t make you the kind of money you were hoping for, it’s not worth your time either.
Location of the Property
Location is essential to consider prior to purchasing your real estate. Management companies who specialize in the Dallas area know that you should look for a property in a neighborhood with lower vacancies, higher rents, and where the value of the homes are appreciating. Pick a property located close to shopping malls, grocery stores, gas stations, restaurants, and public transportation.
Municipal Regulations and HOA Codes
Research the regulations for your rental property and determine what services are provided to homeowners. Is the home within city limits? Is there an HOA? Does the HOA prevent you from making changes to the rental home? Ask around in the neighborhood to find out if the HOA is strict or easy going and what their expectations are. Real estate management companies know that you don’t want to disregard the rules or you’ll pay expensive fines.
Pick a Home with a Winning Layout
You want a home that’s going to attract families and support a familial lifestyle. Run through this checklist of what to look for and avoid before purchasing a rental property.
- 3 or more bedrooms
- 2+ bathrooms
- Fenced yard
- Standard layout
- $1100-$1400/mo. rent rate
- In-home laundry hookups
- Less than 15 years old
- Under 1000 sq. ft.
- No fence, busy street
- No master bathroom
- Overly customized
- Unusual layout
- 25+ years old
- Swimming Pools/Spas
At Specialized Property Management Dallas, we are unlike all the other real estate management companies out there. Our employees have the local expertise to help you pick a profitable rental home. We know the local market and area inside and out! Give us a call today!