After you buy a home and move in, you might seldom have contact with the real estate agent who helped you through the purchase. Although you may call him or her in the event that you decide to sell, there's another time that you'll want to pick up the phone — if you're thinking about buying a second home. Whether you want to get renters into that home or you want move into it and rent out your current residence, your agent will help you to find the right house to buy. However, long before you begin to shop, a series of conversations with your real estate professional will help you to feel informed about this venture. Here are some topics to discuss.
How Much You'll Really Make
Because renting out a house can be lucrative, people often have misinformed ideas about how much money they can make. You could be anticipating big bucks, but then be disappointed to learn that even though your tenant is contributing toward the mortgage with his or her rent payments, you're also spending a good chunk of money each month on the second home. Your agent has likely helped clients with second homes, and he or she may even have rental properties, too. This puts the agent in a perfect position to outline how much you could expect to make with this idea.
Whether This Is Right For You Now
There are several different factors that can influence whether buying a second home is the smart move for you at this point in your life. Your agent will know a lot about your situation from helping you in the past, but bring him or her up to speed on your financial situation to get an honest assessment of when you should look for a second house. For example, if you and your spouse are working full-time, you might have the money for a second house but not the time to manage a rental property.
Tips On Being A Landlord
Unless you've previously had a rental property, this world might be extremely foreign to you. Talking with a real estate agent from companies like Century 21 New Millenium Inc. can help you to feel informed and empowered about becoming a landlord. You'll learn about how to advertise for tenants, what common landlord-tenant issues you may encounter, and even what upgrades you should complete to make your rental property more appealing — and be able to charge more in rent. Buying a second home is a big decision, but you'll feel more confident with how to proceed after conferring with your real estate agent.