The housing market is going through a recovery, which means home values are slowly increasing.
That’s good news for people who are looking to sell their current house in Summit County.
But what if you’re interested in buying a home or homes to rent out? With the improving market, can you still get a nice deal on rental properties?
The answer is yes. Even though house prices might not be as low and there aren’t as many foreclosures on the market anymore, this is still a viable option to explore. I can help you through this entire process, too.
However, there are things you should think about before taking the plunge and buying properties to rent in the Summit County area.
Here are some items to consider as you decide on such an investment.
The Necessary Capital
It’s true that you can make a decent living with the purchase of rental properties. But in order to bring in revenue, you need to be able to afford certain costs.
Buying homes that may be foreclosed upon or that are listed as short sales could be cheaper. Yet there might be renovations that need to be done in order to make the homes livable for your tenants.
So you should factor these types of costs into buying up properties to rent. While you could make a lot of money as a landlord, you must still have enough capital to take this step.
Appliances break down. Paint chips. Lawns need to be mowed. There is always wear and tear in any type of property that you buy. You shouldn’t overlook this factor because at some point you’ll have to make repairs.
So be sure to ask yourself if you have the ability to pay for these costs when they happen.
Summit County has some of the most beautiful neighborhoods around. I can show you a bunch of them any time you’d like.
The nice thing about choosing a lovely neighborhood here is that your rental units will appeal to a certain level of tenants.
Of course, you can never make assumptions about the renters your homes may attract. You could encounter issues with tenants who seem great in person, but wind up not paying their bills.
Credit and criminal background checks will give you a better idea of the individual you are considering as a tenant.
If you buy properties in a stable, family-centered area and you carefully research each renter that shows interest in your home, though, you have a higher chance of drawing the kind of tenants that will honor their leases and, hopefully, stay for a while.
As mentioned above, you can be diligent in your investigation of each potential tenant and still find yourself faced with a problem renter. Whether you’re not getting monthly payments from an individual or other neighbors are complaining about your tenant for whatever reason, issues can happen at any time.
So you should be prepared to find ways to troubleshoot these kinds of circumstances. Being a referee or laying down the law can come with your new job description.
Background checks and references will help you weed out the bad eggs. However, you can’t always predict what might occur when you rent to someone.
But Summit County does offer resources to handle these types of situations. It can be a hassle to evict a tenant. Yet this possibility is part of being a landlord.
Just remember that you’re not alone. Summit County has guidelines to walk you through each step of the eviction process.
As you probably know, this area offers countless outdoor activities and scenic landscapes that can take your breath away. That’s why this is such a popular tourist attraction and just a great place to live all around.
But everything changes during mud season. Stores shut down. People aren’t out and about as much. In short, the atmosphere just isn’t as lively when the winter months come to a close.
If you’re thinking of renting investment properties in Summit County, mud season may be a factor in your search for tenants. Not only are less people around this time of year, but it could be harder to keep your rental units mud-free.
To handle this reality if you have a vacancy, you might want to time your search so that it’s not around mud season. Use this period to do any repairs before listing an open unit.
Or, if you’re really in need of a tenant right away, you might think about offering discounts to attract more potential tenants to your rental home.
Want More Information?
There are many steps involved and plenty to think about before purchasing rental property in Summit County. It’s a major investment that requires lots of legwork. But there’s no need to be overwhelmed. I’m here to answer any questions you may have on this subject.
In addition, I’m available to assist you if you’re looking to sell your current home or purchase a new one for yourself.
So feel free to contact me at your convenience. You can fill out my Information Request Form send me an email at [email protected] or call my office lines. Please know I would love to assist you in any of your real estate needs.