So here we are with the list of things to consider to help you buy your first rental property.
The first thing is always location when it comes to investment in the property. You need to take a look around and ask yourself whether it is the neighborhood that you would like to live in.
If you want that location for you, you will be able to decide easily whether the tenants are going to like it or not.
Property taxes are not very easy to be paid and you need to consider the amount of taxes that you will be paying per annum for your property. So ask around and know how much you are going to pay in terms of property taxes when you have bought one in that particular location.
The next thing to consider is the schools that your new neighborhood has around for you. The schools and the hospitals and the other facilities that are needed for general life, are to be considered as well. So take account of all these things and then decide to buy it.
- Crime rate
Another important thing that you would want to consider is the peacefulness of the location and for that, you are going to check the crime rate of the area. If the crime rate is low, you will have a pretty peaceful life in there. So make sure that the area is worth living.
- Property condition
The next thing that you would want to consider is the condition of the property. If the condition is good, you will have to pay more, else you can call the services of the Baltimore Property Inspection Pros and ask them to take a look at the property and tell you what is missing and how you should proceed with it.
- Job market
The next thing to consider is the job market that there is. If the basic amenities are good in that area and jobs are available, people will tend to hire your property more than in the other area.
- Average rents
Another important fact is the average rent the location and the type of property that you are purchasing. This will give you an idea as to what that would be and how much you are likely to earn each month.