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How to Buy a House That's Easy-To-Rent
From your Home Buying/Selling Guide

If you plan to become a landlord, do your homework before you buy to find out what type of dwellings are in most demand in your area.

Difficulty Level: Average


Here's How:
  1. Talk to rental agents. An agent who handles a large number of rentals can tell you what type of full-time or vacation home renters are looking for.
  2. Read newspaper classifieds to determine which types of properties seem to be most popular, and how much they are renting for during all seasons the home will be available.
  3. If the area attracts lots of senior citizens, one-level living may be the best choice, or at least a house with main living quarters on the first floor. Avoid homes where renters must climb a flight of stairs to reach the entrance.
  4. Read real estate magazines for terms highlighted by REALTORS®, such as 'view,' 'golfing,' and 'stream.' If agents continually mention an item, it's likely in demand. Try to find a property with one or more of those features.
  5. Look for a property within a reasonable distance of shopping and area attractions.
  6. Find a well maintained home, or plan to do an immediate fix-up. A shabby appearance won't attract renters, but will decrease rental fees.
  7. Before buying a home in a development, make sure the restrictive covenants allow rentals.
  8. Get a quote for homeowner's insurance, telling the agent you plan to rent the home. Ask if the agent has any special recommendations for landlords.
  9. Talk with an accountant to verify that the income you can realistically expect to receive is appropriate for the home's purchase price and projected maintenance fees.


Tips:

  1. When you talk with rental agents, be sure to ask about their fees and services, especially if you won't be around to handle rentals yourself.
  2. Many condominium managers handle rentals within their resorts.
  3. If the residence is in an area with high tourist traffic, find out if your best scenario is long or short-term rentals.

Related Information:




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