Are you prepared to find your dream investment property? As your REALTOR®s, we are committed to finding you the perfect property that meets your requirements and exceeds your expectations. Unfortunately, it is common for multiple clients to be interested in the same property and drive up demand. However, it is important to be able to analyze an investment opportunity to your criteria and come up with appropriate numbers.
Before you put an offer on an income property, consult a professional and have a home inspection done to determine if there are any structural renovations that need to be completed. You must have these renovations done before you welcome a tenant into the extra space.
Be prepared
Once you get a few different renovation quotes, use the highest quote and add 25% to that total as a proactive estimation that includes room for error. Hire professionals to avoid the risk of poor renovations and prolonged construction. Remember, the nicer the rental space, the more money you can charge in rent!
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nce the renovations are complete, I can help you find a tenant but we have to do a little preparation before we begin to showcase the apartment. Before you list the
apartment, you should stage it. Staging an apartment will allow people to get a feel of what it would be like to live in that space.
Energy-Saving Tips
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Purchase appliances that have an Energy Star label Energy Star products have been manufactured to work efficiently by using minimal amounts of electricity. |
Weather-proof your home |
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Insulate your home and Re-Seal leaks Add loose-fill insulation or blanket insulation to the floor of your attic. Since heat rises, it is important that warm air does not escape through your roof!
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Ensure that your HVAC system is clean and functioning well Make sure that the air filter in your HVAC system is clean so that air can pass through uninterrupted.
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Re-Evaluate your heating options
Instead of increasing the level on your thermostat for winter, purchase a radiant heater to keep in the rooms where you spend the most amount of time.
Getting pre-approved
Before I begin the process of introducing you to listings that match your requirements, you must get pre-approved for a mortgage. This will help us establish the top end of your budget so that we can assemble legitimate offers. Conditional offers that depend on financing approval can be viewed as complicated and messy, which often creates hesitation from the seller to accept the offer. This will eliminate the possibility of being rejected by the seller for not having finalized documentation to certify the offer and can give you an advantage over other bidders who do not have a pre-approved mortgage.