Sunday, January 15, 2017
The first thing you need to do is to decide how much rent you are willing to pay and then make a list of the areas you intend to survey to find your desired house. People typically think that houses on lower rents will only be available in areas that are in the outskirts of the city. However, this is not always true. You may end up finding a house that is in the city and offers a cheaper rent when compared to the cost of traveling into the city everyday.
You should be clear about your housing requirements. Furnished, unfurnished and partially furnished houses are some of the options you can choose from. You need to know though that the rent will vary in between different choices. You should not end up on the door step of a house and then start deciding what you require. This will only lead you to confusion and will adversely affect your decision by causing unnecessary delays. Good houses do not remain vacant for long. Therefore, you need to make quick decisions.
You should check for local schools, clinics and supermarkets if you are planning to move in to a neighborhood with your family. Having these facilities available locally saves you the trouble of long drives that will cost you a lot in terms of fuel as well as time. Furthermore, you should also check if there are any parking restrictions in the area you wish to rent a house in.
With renting, you can pay for the duration of your stay and once your lease expires, the can move without involvement of lengthy procedures. Still on the same point, renting offers more flexibility to an individual compared to other forms of getting a house. With a rental apartment, one is able to move, even before the expiry of his stay. Again, with renting one is only responsible for what is within his walls. Other responsibilities like maintenance of the lawns, gardens or even the whole apartment has little to do with him. Another benefit of renting an apartment is that most of them (rental apartments) are located within the city or town center. This is so to make the access of social amenities within the town or city.
Finally, with renting an apartment, one can save a lot of money. Rental apartments only need monthly payments that usually cater for a variety of bills at the same time. The rental monthly payment can be very little as compared to the sums of money that are used in the building, maintenance and paying of different bills by homeowners. Young couples and families can fit very well into this kind of housing as their needs and housing wants are small.
Family houses are extremely popular right now with homebuyers and therefore an investor can easily flip or resell one of these properties to make a profit. Many families are looking for larger homes to house larger families, elderly loved ones, or adult children who remain at home. As the definition of family changes in our society, many buyers are looking for multi-family houses to house non-traditional or multi-generational families. Buying a foreclosure with space for multiple families allows you to cater to such buyers while making a nice profit for yourself.
A house like this is also ideal for renting. With space for separate apartments, the home can become a mini-apartment type of building, which can net more money in monthly rents than a single family home. Finding a foreclosure near a university that offers the correct zoning can yield a tidy passive income for the knowledgeable investor.
For investors, buying multi family homes as foreclosures makes the most sense. Since foreclosures have been repossessed, they are often sold below market value. This offers instant equity, which can be valuable in the case of a vacancy or other unexpected expense. Buying a foreclosure also means lower mortgage payments, which can allow the savvy investor to charge a competitive rate. This, in turn, can mean more desirable tenants and a very low vacancy rate for the multi family homes.