Buying a second home and renting out your first may seem out of reach financially and a headache logistically. The truth is if you can afford to keep your home and rent it out while moving into another you should, by all means, consider it!
Just like most things in life, often the hardest part is getting started. Here are a few things to consider if you're even the slightest bit interested:
• While any home can become a rental, price and location are two keys to rental success. In general, an in-demand rental home will be in the $75,000 to $200,000 price range. Bonus points if you're close to schools, shopping, dining, and public transportation.
• Rentals must meet local code requirements, so make sure you’ve done your research there. After that, focus on curb appeal and fresh paint.
• It’s worth your time and money to hire a real estate attorney to draw up the lease. You want to make sure you’re protected and your lease is enforceable.
• When it’s time to track down tenants, Facebook and Craigslist are the top sites. For broader exposure, consider listing your home for rent with a realtor.
If you’d like to talk more about renting your home, I’d love to. Remember, in a strong market (like the one we’re in), you’re likely to continue to build equity WHILE having your mortgage paid by a renter. Sounds pretty great, huh?
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If you are ready to start your buying or selling process
give me a call at 478-954-3774 - I´m happy to answer all your questions.