Researching the value rental prices in the area, choosing the right neighborhood, and studying local rental regulations are good tips for buying rental property, states Consumerism Commentary. It is also important to search for a property with simple, solid construction and take extra caution when considering homes built on a cement slab.
A prospective property buyer should check local classifieds to research for the average rental prices in an area and come up with a price that covers costs for utilities and brings in reasonable profit, recommends Consumerism Commentary. It is important to find a neighborhood in which neighbors are less likely to object to the presence of a rental property.
Prospective landlords should learn about local rental regulations, such as minimum ceiling heights and parking requirements, as different areas have varying guidelines, notes Consumerism Commentary. Moreover, landlords should be aware that homes built on cement slabs tend to be costly in the long run, as plumbing and electrical repairs are often for expensive for this type of home.
Hiring a licensed house inspector can identify safety and maintenance problems and estimate the cost of dealing with the issues, states Consumerism Commentary. Additionally, it helps to choose a property located 20 minutes or less from a landlord's own home, allowing him to care for the needs of his tenants quickly and have more involvement with the community surrounding the property.