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Is the Time Right for You to Invest in a Rental Property?

So, you’re looking for a way to make your money grow, and you’re considering investing in a rental property. Before jumping into rental property management and ownership, read on and ask yourself the following questions to help determine if now is the right time for you to invest in this market.

Are you good at repairs?

If you’re planning to buy a house to rent out, then being handy with tools and household repairs can help you save on maintenance costs that would otherwise eat into your profits. If you’re not interested in maintaining your rental property yourself, or if you’re planning to buy an apartment complex, then working with a property management company is something you should consider.

Are you in debt?

While debt isn’t bad in all circumstances, for the average person considering property investment, avoiding debt is ideal. If you currently have loans, credit cards, or medical bills to pay off, then now may not be the right time for you to invest in a rental property.

How are interest rates?

When investing in a rental property, it’s important to consider how much the mortgage payment will cut into your monthly profits. Also, remember that investment property interest rates are often higher than traditional ones.

Have you found a good location?

There are many factors to consider when it comes to finding the ideal rental property. Look for options that are in areas with low crime rates, good school districts, low property taxes, and lots of nearby amenities, such as gyms, parks, shops, and restaurants.

Have you found a good property?

When looking for an investment location, many people consider properties that need a lot of work because they want to save on upfront costs. However, if this will be your first rental property, then buying a fixer-upper can be a bad move. Ideally, look for a property that requires minor renovations, at most.

If you need property management services near Beverly, MA, then look no further than MRS Property Management. For information about our rental property management company, call (978) 927-3690.

Categories: Rentals