These 5 buying tips will save you time, money, and headaches with San Antonio Property Management.
- Get Pre-Qualified – Before you can seriously consider purchasing a rental property, it’s important to know exactly how much you can afford. This can be the scariest part of the buying process for some. It’s perfectly natural to be nervous, but we can put you in touch with someone you can trust to help get you pre-qualified.
- Always Think Resale – In the US, due to the mobility of our economy, the length of ownership is about 5 to 7 years. This is important to keep in mind when looking for your next rental property. For instance, homes backing up to a busy street or railroad sell for less and take longer to sell than other homes in the neighborhood.
- Aesthetics Can Be Changed – Flooring, light fixtures, plumbing, paint colors, and wallpaper can all be changed. Don’t let the lime green wallpaper turn you off of your potential rental home. Think of how much fun it will be to see it cash flowing!
- Don’t WAIT! – Too often, we have seen investors fall in love with a property, wait a few days to make a decision because they are nervous, and the home that they fell in love with SOLD! If you love the home, don’t wait for someone else to snap up YOUR rental property – be prepared to write an offer!
- Compare Sales – To determine the best price to offer, or to know if the asking price is correct, look at the recent sales of similar homes, called “comparable sales.” Comparable sales are recent sales of homes that compare closely to the one you are looking to purchase, usually sold in the past few months. Specifically, you want to compare the prices of homes that are similar in square footage, garage spaces, number of bedrooms and baths, lot size, etc. Let us help you with a Broker Price Opinion (BPO).