Are you looking to get into the landlording business? If so, the most important part is choosing the right rental property. And trust us when we tell you that this can be an extremely daunting task.
Of course, your budget will play a major role in choosing a rental property, but price should not be the only determining factor. You should also take the following factors into consideration:
- Location, Location, Location: Purchasing a rental property follows the same guidelines as purchasing any other home. You want a property in a good school district, near major area employers, and close to amenities, but far enough away from major roads or highways.
- Maintenance: Potential maintenance can make or break a landlord. Will your rental property need to be updated soon? Will it require constant maintenance? One of the last things you want is to purchase a property that will require a major renovation in the near future. This will quickly eat away at your profit margin.
- Finishes: Potential tenants will love renovated bathrooms and kitchens and other modern finishes. And the more up-to-date your rental property is, the easier it will be to fill with quality tenants.
- The Real Estate Market: Consult with a local real estate sales professional. He or she will be able to shed some insights on property costs, values, jobs, growth, and the future of the area in which you are looking. You never want to purchase a rental property in an area on the decline.
Choosing the right rental property can be hard. Choosing the right property management company is easy! The Auburn Rose core philosophy of Service and Satisfaction is ingrained throughout every facet of our business – from snow removal, landscaping, renovations, tenant screening, and more.
If you want to learn more about Property Management or if you have any questions, please contact Auburn Rose Property Management by calling (443) 928-2220 or visit our website today!
Auburn Rose offers professional, yet personal, property management services to realtors, owners and tenants in Maryland.
Your peace of mind is our business!
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