Buying an Investment Property
Before you shake hands and close the deal on your newest investment property, it is important to remember some basic tips. While the Destin real estate market has been steadily improving, you need to think about whether or not you are ready to handle the ups and downs of income property ownership.
First and foremost, you need to make sure you can afford another mortgage. Eventually, you will have a renter to help carry the costs, but you need to keep in mind that finding a tenant may take some time.
As long term rental owner, you will also have upfront expenses such as closing costs and possible repairs or upgrades. Try to account for these factors early on in your budget so that you do not overspend. You may even want to consider calling a local property management team like Southern to ensure that the home in question could in fact pay for itself if rented. If you do this, do not forget to factor in the costs of professional property management, insurance fee and escrow costs.
Contact our Gulf Coast property managers at Southern Residential Leasing today for more information on how we can help you rent out your home or income property.