Why You Should Buy A Home In A 55+ Community To Rent Out
Posted on: 24 March 2017
When you decide that you wish to buy a second house and rent it out as an investment, you have several different types of properties to consider. You might not initially think about finding a listing in a 55+ community in your city, but buying in this area and renting the house to mature tenants can be hugely advantageous. Hire a real estate agent and express interest in finding an investment property in this type of community. Ideally, your agent will be able to find a suitable listing that meets your price requirements, and then you can move forward with buying the home, finding tenants, and enjoying a second source of income. Here are some reasons to buy and rent out a home in this area.
Your Tenants Will Be Gentler On The House
In many cases, you'll find that renting a home to senior citizens can be better than renting to people in other demographics. Because your mature tenants don't have children living at home and likely aren't too rambunctious, it's probable that they'll treat your home gently. You won't have children roughhousing in the basement and cracking the drywall, nor teenagers putting up countless posters in their rooms and making excess holes in the walls. Given that your tenants will have often owned their own homes in the past, they'll value taking care of the residence — which will result in fewer hassles for you.
Your Tenants May Stay For A Long Time
When you rent a home to younger families, you'll often find that they're only renting until they can save up enough money to buy their own home. This can mean that there's a steady turnover of tenants, which means you'll need to fix up the residence when it's empty and go through the process of finding new tenants. In a 55+ community, residents will often stay for a longer duration, which can make for less work for you.
You Might Have A Perfect Spot To Eventually Move To
As you own the home in the 55+ community, you may come to see the benefits of this type of living. This could mean that when you reach this age, you may wish to move into the house that you already own. Instead of going through the lengthy process of finding a home for downsizing into, you can simply give your tenants plenty of notice and then move into the residence yourself. Upon selling your home, you can use the proceeds to pay off the balance of the mortgage on your former rental property, thus allowing you to live without a mortgage.
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