One of the best ways to take advantage of the real estate market potential is by purchasing a duplex home and renting it out. If buying and renting out a duplex is something that piques your interest, consider these three points below and put them to use as you begin researching and exploring some duplexes for sale in your area.
#1: Learn And Understand The Advantages Of Buying A Duplex
When it comes to real estate property, duplexes actually possess some of the biggest potential you will find. For one, these homes can fit more than one family, so if you plan to rent it out, you'll be able to collect double the rent every month. If you plan to live in property, you can essentially rent out the other unit and use the rent collected to pay some or all of your mortgage, so that you have a piece of property that you live inside for free. When thinking about it in this way, the potential is clear.
#2: Hire A Property Management Company To Help You Out
If you are considering buying a duplex and renting it out, do not think that you have to do it all yourself. There are property management companies that can assist you. When reaching out to these property management companies, ask how many years they have been in business, how many properties they currently manage, their track record when dealing with duplexes and to see copies of leases and contracts they issue. You should also check your local real estate associations to look up their license and to assess their credibility. A property manager will usually charge you somewhere between 8 and 12 percent of the rent price.
#3: Keep The Property Up To Par
To keep the value levels of the duplex high as you rent it out, hire a landscape service company that can provide frequent help. Your grass will have plenty of spring and the lawn will be weed free when you leave the work to professionals. Seek many different estimates on this lawn service, to be sure you can afford it. You can typically expect to pay approximately $100 and $200 monthly for grass mowing and general lawn care, depending on what you need.
Keep these three tips handy to make the most of your real estate purchase and rental. For more information, visit sites such as http://www.tinaharper.com.
Once you sign the sale contract with your listing agent, there's a good chance that things will start moving quickly. Your agent will want you to stage your home for the listing photos, open houses, and showings. If you've never experienced the staging process, you may not know exactly what to do or where to start. The information on this site will help you to not only understand what's expected of staging but also offer tips for you to maximize your efforts without investing a lot of time. I hope the information here makes your home sale process a little bit less confusing and a little easier to manage.