Deciding to purchase a rental property is a big investment step. My Dwelling is here to guide you through the process confidently while providing resources along the way. Here are eight points to research and think about while looking for a rental income property.
- Will you be the active property manager? This depends on location. If the home is close to your own home, you could be the active manager or if the home is farther away, you can also hire My Dwelling to be your property manager.
- What kind of neighborhood are you looking for? Suburban families? Near a university for high-turnover? This will help you figure out how often vacancies may occur.
- What kinds of schools will you be near? Parents with children or planning a family will be looking at the school’s rating and will want to live close. Find a school with a quality rating.
- How is the local job market and see how it is faring. Are there start-ups in the area or places where businesses are growing? People like shorter commutes and having a growing business in the area would be a positive attribute.
- What are the amenities in the neighborhood? Are you near a gym, shopping, a park or restaurants? Proximity to these perks will help your price while keeping your building filled.
- How are the vacancies or listings in the area? Are there a lot of open slots? This may mean that the neighborhood has become less desirable or maybe it is cycling over from old to new. Do some research to find out what the case is.
- What is the average rent in the area? Rental payments are how you make your income; it is a good idea to see what you can charge in the area before buying.
After looking into these seven options with your My Dwelling representative, it should paint a clear picture on just what kind of rental income property best fits your needs. Your My Dwelling representative can not only help you with finding your rental income property but also maintaining and more! Contact My Dwelling today to find your representative.
Want to decorate your place while still keeping your security deposit in-check? Personalizing your place is important, as is staying within the boundaries of your landlord. These 10 staples of rental décor will make the impact you are looking for, without costing a lot of time or money.
- Add Storage. Adding custom cabinetry in a rental place is usually not an option. Therefore adding your own affordable storage such as bookcases, simple shelves or a fun Pinterest hack will really help, not only with storage but with overall aesthetic as well!
- Change the Hardware. Rentals can be…basic. Your style is anything but! Switching out your cabinet hardware in the kitchen and bathroom will make a huge styling impression. Just make sure to keep the original pieces to swap back in before moving out.
- Lose the Vertical Blinds. These style of blinds are very basic and can turn a room from fab to drab. Either hide them under trendy curtains or take them down altogether. Save them for when you move out, they will be essential to getting your security deposit back!
- Line your Cabinets. This might seem like a small step but it can make all the difference! It is the extra touch that will make your kitchen seem clean and streamlined. Adhesive liner can work but a softer grip liner is easier to install (and take out when you move!)
- Time to Accessorize! So easy but so necessary! A truly personal style comes with accessories. Go nuts with throws, pillows and accents that reflect your true style.
- Avoid Wallpaper. Is it really worth the hassle? Sure it’s stylish but it is inconvenient to remove, especially if you won’t be in your place for long. Consider removable wallpaper or even just an accent wall.
- Add Art to the Walls. An easy way to make a statement! Patching tiny holes made from nails on the day you move out is nothing compared to the impact art will make on your space. Consider hanging one statement piece and resting photos on a mantel or shelf for less work.
- Invest in Rugs. Even if you have carpet! Rugs are an easy way to cover up ugly carpeting and are great to take with you to the next place. An added bonus: they help keep noise down, especially in an older apartment with wood floors.
- Emphasize Lighting. Use lighting to set the tone and make an impact in your rental! Get creative with floor and table lamps that can be easily moved from place to place.
- Bring Life in with Plants. No yard? No problem! Pots of plants provide many benefits from clean air to having your own urban garden. They are wonderful accent pieces.
Personalizing your place is making it your own. With renting it is sometimes hard to do everything you would like to do to your place. These 10 tips will help bring out your personal style and freshen up your living space! If you are looking for a place to rent, don’t hesitate to reach out to My Dwelling, Shorewest, REALTORS® exclusive renting company! #MyDwelling #Renting #Decor