House Next Door For Sale? Buy It Or Rent It Out Yourself And Make Money
If the house next door to you is for sale and you have the extra money you should buy it yourself. This is a big expense but you can make money from the home and have it paid off in no time. You could also rent the home out instead of selling it to have money coming in each month. Keep reading so you can decide if you would like to purchase then sell or rent:
Sell the Home
Once you purchase the home, you can try to sell it for more than you paid for it. This is especially true if the home needs some work done to it. For example, the carpeting may be old or the flooring may be deteriorating. There may be several things wrong with the home that you would have to pay for to repair.
Talk to the real estate agent and get the house price lowered as much as you can. They want to sell the home as fast as they can and you will likely be able to come up with a price that is much lower than the original asking price.
Once the house is in your name make the repairs that need to be made and make it look as presentable as it can. Simply adding exterior paint, new carpet, and new flooring will make a big difference. Update the landscaping by trimming bushes and picking up the yard. If there are brown spots on the lawn plant flowers over them. Plant a few annuals in front of the home.
Once the home is ready, put it on the market for the higher asking price. It may take some time to sell it, but once you do you will be putting money in your pocket.
Rent the Home
If you do not want to sell the home you can rent it instead. This is beneficial because the home is next door to you. This allows you to take care of the home much quicker. For example, if they have problems with a clogged sink and cannot remove it you will be right there to fix it for them. The renters will also likely take care of the property much better knowing you are next door. They will not have loud parties and they will take care of the landscaping.
Consider how much you want to charge for rent. Do some research on rental homes around your area that are about the same size so your price will be comparable.
Ask the renters to sign a lease, such as for one or two years. This will ensure you will always have someone in the home renting so you will have a constant cash flow coming in.
Talk with the real estate agent about real estate properties, as they can answer any questions you have about selling or renting the home.