If you are starting to outgrow your home or on the opposite end of the scale, it is getting too big, are you considering making a move and turning your home into an investment property? Here are a few things to consider.
- Is it structurally sound? Inside and outside, are there any repairs that need to be done to not only make the house appealing to future tenants but also to make sure it is safe. Consider the bathroom, kitchen, outdoor steps or retaining walls, to name a few.
- Check the local rental ads, are there any properties in your area currently on the market? Take a look at the properties and make a note of the rental price. This will all help with your research and give you an idea of what rent you could ask for.
- Before you call your local property manager make sure you call your mortgage broker first. It is important to discuss your current mortgage and any investment loans you may have to make sure the right structure is in place before you make the switch from home to investment property.
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Have you recently turned your home into an investment property? If so we would like to hear your helpful tips.