When buying the home you’ll live in, you’re probably going to be pretty picky. But what about if you’re buying a rental home? You’re probably not going to care so much about the layout of the kitchen or what the bedroom wallpaper looks like, right? So… what factors are important to deciding which rental property is right for you?
Here’s your guide to buying a rental home in Erie.
1. Set Your Budget
Doesn’t matter what it looks like, where it is, or how many renters might be lining up to take a look… if your can’t afford it, it’s not a good investment! So take some time to really take a good look at your budget to determine how much you can afford to pay every month. Be sure to include things like property taxes and insurance, maintenance and upkeep, and additional costs for things like advertising or property management.
2. Find Your Target Market
Next, you’ll want to determine who you’ll be renting to. Are you going to be targeting long-term renters or vacationers? College students or working individuals or families? City-dwellers or country folks? Deciding on your ideal renter will determine where you property should be located and what kind of home or property you’ll need.
3. Consider Your Location
Keeping your target market and your budget in mind, decide where you should start looking. Vacationers? Look for neighborhoods around local attractions. College kids? See what you can come up with around some of Erie’s local college campuses. Folks working in Erie? Closer to town is probably best.
4. Decide What Type of Property Works Best
You’ve got a budget, you’ve got an ideal renter, and you’ve got a location. Now… get an ideal property. Have a family-oriented renter in mind? Single-family home with plenty of space and maybe an easy-to-maintain yard. A college student? Maybe a condo or townhome (low maintenance, less space). Country dweller? Something with some land and maybe a barn or shed.
5. Consider Property Condition
When you start your home search, you might find that some of the homes that fit your criteria need a little work… so you’ve got to decide if you’re willing (and able) to put in a little work, or whether it’s even needed. If you’re looking for long-term renters, you’ll probably want to have a nice, clean, and very livable home. For vacationers, it might not be quite as important as your location.
6. Always Work with an Experienced Erie Realtor
The most important thing you can do when buying an investment property in Erie is to work with a Realtor who knows the area, knows the market, and is experienced with buying and selling investment properties.