An affordable housing option is the one that suits your budget as per your income and monthly expenses without compromising on the quality of your life. Choosing an affordable rental housing option requires thorough knowledge and research.
Let us take a look at some of the efficient ways to find affordable rental housing:
- Consultation: Get access to online listings from your rental agent. Based on the information provided by you, he will help you look for housing within your price range, in a neighborhood of your choice and with amenities you desire.
- Important Considerations: Determine what your rental requirements are and look for a housing option based on that. Examples of factors that most people take into account are commute time, pet policies, noise levels and more.
- Budgeting: Create a detailed budget by subtracting monthly expenses such as food, utilities, transportation, loan payments, etc. from your monthly income. It is recommended to add your monthly savings goal to your monthly expenses.
- Explore: Don’t be limited to a specific area when looking for a housing option. Consult your rental agent to know about other neighborhoods that may offer an affordable housing option while meeting your rental needs.
- Roommates: If you can find a trustworthy roommate, you can enjoy quality housing on a budget. Roommates are a great way of significantly cutting down living expenses. However, make it a point to seek permission from your rental agency and suffice any documentation requirements.
- Expectations: In order to get an affordable housing option, be practical and set realistic expectations before starting your search for the rental. Make a list of essential amenities or facilities such as number of rooms, security features, centralized air cooling or heating, etc. Additionally, you can make another list of desirable facilities such as swimming pool or other luxurious amenities that can be compromised. This will help you in streamlining your rental search.
Lone Star Realty & Property Management, Inc. offers affordable housing options to its customers. The team assists the customers in finding an ideal rental property within the budget. For more details on tips to find affordable housing, visit 1020 West Jasper Drive, Killeen, TX – 76542. You can also call at: (254) 699 – 7003.
As a property owner, after successfully finding an ideal tenant for your rental property, retention becomes an important aspect. Long term tenant ensures that you have consistent flow of income from the property by minimizing vacancy periods.
Important tips to retain tenants for your rental property are:
- Clear Rental Agreement: A healthy tenant and property owner relationship thrives on a clear rental agreement. The agreement should offer complete transparency regarding responsibility for repairs, monthly rent, utilities, yard maintenance and other important aspects.
- Welcome Gifts: Present your tenant with a welcome gift upon moving in to make him comfortable.
- Flexibility: Depending on tenants, a property owner should try to be flexible with the terms and conditions. He should also try to maintain a friendly disposition with the tenants.
- Practice Professionalism: A good property owner understands the importance of being professional with tenants. Tenants appreciate a property owner who is quick to respond to issues of repairs and maintenance. You can also offer tenants an online tenant portal to skim through important information related to the property, communicate with you and schedule requests for maintenance.
- Offer Renewal Incentives: Be proactive about planning your course of action for the next lease term. Consider offering incentives to your existing tenants for renewing their lease. In case they have to move out, request them to refer your property to their friends and family.
- Conduct Annual Surveys: Such surveys are a great way of understanding what your tenants want from a rental. This gives you an idea for upgrading your property to meet their requirements.
- Appreciate: Offer appreciation in the form of gifts or cards to your tenants for completing surveys, on birthdays and other special occasions. You may also offer incentives for timely rent payments and proper maintenance of the property.
- Offer Good Lifestyle Quality: For most tenants, the quality of lifestyle provided in a rental makes a huge difference to their liking for the property. To keep your tenants happy, offer features that improve the aesthetics and comfort of the rental property.
Lone Star Realty & Property Management, Inc. offers various facilities for property owners to keep their tenants happy. We look after various aspects of property management on owner’s behalf to ensure tenant retention. To know more about ways to keep your tenants happy, visit: 1020 West Jasper Drive, Killeen, TX – 76542. You can also call at: (254) 699 – 7003.
Buying a rental property is a major investment. Thoughtful investment in a rental property can be a great source of both short-term and long-term income. However, there are certain things that first time rental property investors should be attuned to before making an investment.
Tips that are worth implementing when buying your first rental property are:
- Research: Conduct thorough research before choosing a suitable property. It is important to check the prevailing market trends in order to know if the property you want to buy is fairly priced.
- Determine Rental Income: Based on the details you gather from researching on various rental properties, calculate the amount of rental income that you expect to earn every month. This income refers to the gross income before subtracting expenses.
- Financial Options: If you plan to use a mortgage for making the purchase, it is important to assess all financial options available for you. Consider the type of mortgage that would suit you. You may choose from a long-term or a short-term mortgage with either fixed or adjustable rate.
- Neighborhood: Talk to the residents in a neighborhood for better insight on the area and ask them about any issues they are facing. This will allow you to vet the neighborhoods that offer better living conditions and thus would be profitable for a rental property investment.
- Local Rental Regulations: Educate yourself on the local rental regulations of an area before purchasing a property. The guidelines consist of deposit allowed, maximum rent, annual rent increase, etc.
- Safety Issues: Before finalizing an investment property, hire a licensed home inspector to rule out safety and maintenance issues. Major concerns include lead paint, radon, asbestos and mold. If present, you may have to remediate them by hiring a specialist.
- Amenities: Choose a location that offers easy access to public transport and other important amenities. It should preferably be close to educational institutions and places of interest for your target renter (families, vacationers, retirees, students, etc.)
- Size: When choosing the size of property, it is important to keep in mind your target tenant population and their needs.
- Hire A Professional: Get assistance from a professional for making a profitable investment. This will not only save your time and resources; but the experts will also handle legal, financial and technical aspects associated with purchasing property.
Lone Star Realty & Property Management, Inc. assist clients in buying rental properties. The agents at Lone Star Realty help the clients in choosing an ideal property. For more details, please visit 1020 W Jasper Drive, Killeen, TX – 76542. You can also call at: (254) 699 – 7003.