Looking for your perfect rental property can be an exciting but also daunting experience. Especially when you’re on the hunt for a property that ticks all the boxes.
There are many things to consider when buying a rental home, from budget and location to maintenance costs and potential resale value. If you’re looking to buy a property in a specific area, finding your perfect home in that location is likely to be trickier than if you were open to properties anywhere in the city or county.
That said, there are ways to increase your chances of success when it comes to finding your dream home in the perfect location. Read on for tips for buying an investment property in your dream location.
Research the area
It’s important to research the area in which you’re looking to buy a rental. This will give you a better idea of the type of property to search for and the prices for both renting and buying in that area. You can do this online, by searching for resources such as property websites and apps with information on rental and property prices in different locations or talking to locals who live in the area in which you’re interested in buying a property.
If you don’t have connections in the area, you’re looking to buy a investment property in, you can still gain valuable insight by speaking to people in the area, such as work colleagues. You can also do some research into the neighborhood’s potential for growth and development. This will allow you to weigh up the positives and negatives of each location. It will also help you to identify potential issues that may arise in the future, such as developments that could affect your property or neighborhood in a negative way.
Decide on your budget
Before you even start looking at properties, you should establish a budget for buying a property. You should also decide how much you can afford to pay each month in mortgage payments. This will allow you to prioritize the type of area in which you’re willing to buy a property and the type of rental property you can afford.
While you don’t want to rule out entire neighborhoods or areas because you can’t afford the properties there, you also don’t want to rule out a good area because you’re too tight with your budget. If you have a price range in mind, you can use this to rule out certain neighborhoods and identify the ones in which you’re likely to find properties within your budget.
Find the right agent
While it’s important to do your own research when buying a property, it’s also worth hiring a professional real estate agent to help you find the right property. An agent will be able to help you find a wide range of properties in your desired location, saving you time and effort in your search. An agent will also be able to inform you of current market trends in the area, letting you know how much your budget will stretch to and which areas and types of properties are likely to provide good value for money. They will also know the best places in the area to find properties, as well as the best times to look.
Be flexible with your requirements
It’s worth being flexible when buying a property in your dream neighborhood. This is particularly important if you’re looking to buy a rental property, as many of these will have different features and layouts to what you’d find in a newly built property. While you won’t be able to change any of the features that come with the property, you can decide which features you’re willing to change and which ones you’re willing to leave as they are. If you’re buying a newly built property, you have a lot more wiggle room as builders will be able to construct your new home exactly as you want it. If you’re buying a resale property, it’s worth trying to find the right property in the right neighborhood, even if it doesn’t have all the features you want.
Don’t commit too quickly
It’s important to keep an open mind when looking for properties. This means that you shouldn’t commit too quickly to the first property you see in the area in which you want to buy a property. Look at as many properties in your desired neighborhood as possible, even if they’re not in the specific area you’ve specified.
This will give you a better idea of what’s available in the area and let you identify any potential issues with property types or neighborhoods. This can help you to rule out specific properties or neighborhoods that aren’t right for you before you commit to one. If possible, try to visit several properties at the same time. This will give you a better idea of which properties are worth pursuing and which ones aren’t worth your time.
Don’t forget about interior decorating and renovations
While it’s important to consider the exterior of the property and potential issues with the land, interior decorating and renovations are also worth considering. This is particularly important if you hope to rent out your property in the future. You can do this by visiting rental properties and talking to their current owners. Ask them about the interior decorating choices they’ve made and the renovations they’ve done. This will help you to identify the types of renovations that are likely to be popular in the future and which ones might be worth the investment.
Take care of safety checks and repairs
There are a few safety checks and repairs you should take care of before signing off on a property. These include gas, water, and electricity safety checks, as well as a sewerage check for any property with a sewer connection.
You should also look at the exterior of the property, such as the roof, foundations, and exterior walls, to make sure there aren’t any issues with the property that you may need to address. If you’re buying a resale property, the seller should be responsible for taking care of these things, but if you’re buying a brand-new property, you’ll have to arrange these safety checks and repairs yourself.
Contact Rent Portland Homes
At Rent Portland Homes, we specialize in managing single family and multifamily properties across the PDX area.
To learn more about the property management services we can offer you, contact us today by clicking here.