How to Make your Home into an Investment Property

Selling your home is, for the most part, a time consuming process. Based on the market conditions at the time of sale it could end up taking a little longer than you thought to procure a buyer. One alternative to just selling your home is to convert it into an investment property. Cleaning up the home and performing some strategic modifications can possibly add value to your property and make it an inviting destination for consumers looking to rent a home. It’s been proven to be an excellent source of extra income while at the same time not tying you to a decision. You could always decide to sell the home at a later date, or you could keep it, it’s entirely up to you and what you want to accomplish. Today we are going to talk about some interesting tips to transform your Arizona home into a money maker.

make home into investment property

It’s extremely important to make informed decisions about the process of renting, buying or selling your home. Turning your house into an investment property could be an excellent option, as long as you’re aware of the steps in the process and know what questions need to be asked.

First, you need to be aware of all of your expenses. This step’s importance cannot be understated when determining whether or not it will be a profitable option for you to rent the home. There are a few different ways to determine these costs. First, determine how much the monthly Las Sendas rental will be. Does that price cover the cost of the mortgage? If it becomes clear that you will not be making an acceptable profit on the home then it would be a good time to review what changes can be made to the property to increase its profitability. Or, you could play the waiting game and wait for the market to make your home more profitable.

Next you need to identify and perform the necessary repairs for the home. Knowing this is going to part of the first step of listing all of your expenses. Look around your Arizona home. What needs to be done? What needs attention versus the more superficial, or surface level repairs? Case in point; fixing a leaky roof would take priority over replacing the countertops in the kitchen. We would strongly advise that you have an inspector examine the home in great detail before you list the Las Sendas home for sale on the open market so that you have a more in-depth understanding of what exactly needs to be done. This is a smart option in that it eliminates any last second surprises when you start the renting process.

Pay good attention to design aspects within the home. As long as there isn’t a long list of necessary repairs that need to be done, you can start looking at your property with a designer’s eye. Is your kitchen out of date? Do the appliances need to be replaced? Are there spots in the house that seem cramped that could be helped with open floor plan modifications? The possibilities are endless when it comes to the design of your home, and it would be beneficial to study the popular styles in the surrounding area. Thankfully, not every change is going to call for a complete remodel. There are plenty of tried and true methods to giving your home a more modern look without having to spend a fortune. Just clean the carpets and floors, and go ahead and paint the house and see what a long way that goes. Cabinets seem out of date? Just replace the knobs and they can seem like new. And replacing the fixtures around the house can do wonders for the overall feel of a home. The most important thing to keep in mind is that your home needs to appear organized, appealing and clean if you’re going to make some money.

Talk to an Arizona real estate agent and they will tell you to turn your thoughts towards the future. Successful investors routinely extol the virtues of having a long term plan in place when it comes to running an investment property.home investment property Everyone is intrigued at the prospect of making extra money from renting their property, but it’s best to clearly define what you want to gain from this in the future. If you’ve paid off the mortgage on the property, then you are in a better position as you will be able to maximize your profits on the home since you don’t have that monthly expense to cover. Decide whether or not this is going to be a home that you eventually move back into after a few years. Be aware of the taxes that are potentially associated with the process since it is required to be defined as a personal residence. Knowing the numbers and costs can only benefit you in the future.

Contact us today here at Coldwell Banker North East Mesa to speak with an experienced East Mesa Real Estate Agent.

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Coldwell Banker Trails and Paths
2913 N Power Rd. Suite 101
Mesa, AZ 85215

Office: (480) 355-4700

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