There are so many great properties on the market these days for great prices. Many investors are taking advantage of this and scooping up properties faster than they go up on the market. But, there is another type of person who should consider becoming an investor and taking advantage of these awesome deals. Those who are close to retirement are in a prime position. You can find a beautiful home in a great location and at a great price that you would like to retire to. But you aren’t quite ready to retire? That’s okay! Turn it into a rental property until you are ready.
If you purchase the right property at the right price and on the right terms, a rental property can produce significantly more income than traditional passive investments. But, you will definitely have to jump on this chance before you retire. Mortgage lending guidelines typically require you to be employed and have two years steady employment in the same occupation. Lenders also require a substantial down payment, typically 30 percent or more if you won’t be occupying the property. After you tackle the hurdle of affording the property, you then have to consider the ongoing expenses. There are minor and major maintenance costs you will be responsible for. Hiring a property manager can help ease that pain by strict tenant requirements and having their own maintenance team or local companies they have good deals through.
Purchasing a beautiful home for investment won’t help you earn a return if you can’t find renters to occupy the property. This is another great reason to hire a property manager. They cannot only help you find a property in a great location for both you to retire and with plenty of renters, but they also keep up with the best deals on properties in the area.
Are you interested in finding a great investment home to retire to in the future? Park Place Property Management can help you find exactly what you’re looking for!