What to know before buying a rental property
Are you planning on buying a Temecula Rental Property? If so, you’ve come to the right place!
In this article, we will share with you time-tested advice and things you need to know before you purchase a rental property in the area.
Location, Location, Location
Everyone from long-time investors to a small management company will tell you that the key to success with owning rental properties in Temecula or elsewhere in the United States all has to do with location.
You want to own a rental that’s close to the public transportation, the freeway, jobs, stores, and good school districts because all of these factors when combined will make your rental property an ideal place to live for renters.
What Is the Value Add?
What does the property offer that others don’t in the area?
Does the property have large closets, plenty of on-site storage, a pad for parking an RV, or does it have a swimming pool?
These are all important questions to ask when buying a property because prospective renters will be attracted to anything that’s different, or extra when compared to other properties in the area.
Will There Be Unexpected Expenses?
Although you may like the location, bedrooms, bathrooms, and amenities that the property has to offer, you also have to think about potential unexpected expenses like will the roof, water heater, or other appliances in the home need to be replaced?
Before saying yes to buying a new rental property you should consider all of these factors and have the property thoroughly inspected just so you can make a sound decision.
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