10 Things To Consider When Buying A New House To Rent Out

If you’re thinking of buying a house to rent out, but you don’t know where to begin then don’t worry, you have definitely come to the right place.

Whether this is the first house you’re buying to rent out, or you’ve been doing it for years, you need to be sure you’re as prepared as you can possibly be. While it may be overwhelming at first, there are lots of tips and tricks you can pick up to ensure you’re doing all that you can to make the process as smooth as possible.

From setting a budget to deciding whether or not you’re going to furnish the house, the more questions you’re asking the better. With that in mind, here are 10 things to consider when buying a new house to rent out: 

 

What Is Your Budget?

 

One of the first things you need to consider is your budget, as this is the best way to ensure you’re not spending more than you can afford. Although there may a variety of different properties available at different budgets, you need to be sure you’re choosing one that’s within your budget.

The best thing to do is think about how much you have to spend and the average costs  incurred when you’re buying a house. Often, people forget about the hidden costs that they may come across. For a guide to the hidden costs when buying a house, you can visit this site using the link.

 

Where Would You Like It To Be Located?

 

Next, you need to think about where you would like the property to be located. Whether this is somewhere close to you or somewhere completely different, choosing the perfect location is important.

If you’re unsure about the location in which you’d like to buy property, it may be worth taking a look at what the average rent is in a number of different places. This will give you an idea of where you will be able to make the most money. Of course, this may mean the house prices are a little higher, so this is something you should bear in mind.

 

How Many Bedrooms Are You Looking For?

 

Another important thing to consider is how many bedrooms you’re looking for. Whether you’re looking for the ideal place for a couple or you want to rent something to a family, knowing the number of bedrooms you need is going to make your search much easier. If you don’t have a preference, you may want to think about the type of tenants you want to rent to, once you have found the ideal property.

 

Are You Looking For Any Other Specifics?

 

It’s also important to bear in mind whether or not you’re looking for other specifics. For example, houses with gardens and a conservatory are often much easier to rent than those without.

You may be looking for somewhere that is close to the city with an easy commuter route, or something that’s in a quiet and easy-to-manage location. The more specifics you think of before you start your search, the easier it’s going to be to find the right property for you. You may also be looking for a reasonably new build. If so, you might want to consider Ridgefield New Construction.

 

Will You Be Decorating The House?

 

When looking at available properties, you also need to think about whether or not you’re going to be decorating the house. Although it will already be decorated when you buy it, often it’s better to give things a little bit of refresh if you want them to be more attractive to renters.

For most people, choosing plain colors that the renter can work their own color-schemes into the best route to go, but this isn’t necessary. For a guide to decorating your rental home as a landlord, you can visit the link.

 

Will You Be Furnishing It?

 

When you’re thinking about decorating, you may also want to consider whether or not you want to furnish the property too. Although this isn’t something you have to do, a lot of landlords will choose to buy a number of furniture items to make it easier for those that are renting for the first time. In cities, flats are often furnished to make it easier for those that move around a lot. Although it makes the overall costs a little higher, you can also charge more for rent if you’re supplying the furniture.

 

How Soon Do You Want To Get It On The Market?

 

Another important thing to consider is how soon you would like to get the property on the market. Whether you’re hoping to get things sorted right away, or you have some time to spare, this will determine how soon you need to find a place to buy.

 

Will You Be Advertising Privately, Or With An Estate Agents?

 

Depending on your level of experience, you may choose to act as a private landlord. Although this often results in more money for you, it does mean you have to have more of a hands-on approach when it comes to tenants. When you work with a real estate agent, they will deal with all of the contacting for you. From viewings to reporting an issue, you won’t have to speak to your tenants if you don’t want to. You will, of course, have to communicate with the agents every now and again.

 

How Will You Be Holding Viewings?

 

Finally, you need to think about how you’re going to be holding viewings. Whether you’re going to be doing one at a time, or inviting groups of people in at once, it’s important you work this out before you list your home. If you’re in a place that has been affected by COVID-19, you will also need to decide whether or not virtual viewings may be better.

 

Do You Have A Contingency Plan In Place?

 

Finally, you need to think about whether or not you have a contingency plan in place. Although chances are everything will go well, having a back-up plan is the best way you’re prepared for if something was to go wrong.

While it may feel natural to panic, those with a contingency plan can approach the situation calmly and rationally. After all, you never know what could happen. With lots of important things to consider, you can be sure you’re making the best possible decisions when buying your new house.

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Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) https://www.accountingaccidentally.com/