Basics of Property Management: Screening Potential Tenants
Buying Your First Home? What To Consider
Jesse Obrien
As you get ready to buy your first home, you're jumping between two emotions: fear and excitement. It's exciting to buy a new house that you can move into and call your own, especially when you have been renting for so long or living with family. However, you may feel the daunting feeling of committing to this type of purchase, which is very likely going to be the most you've ever spent on anything.
When you get ready to shop for a new house, keep this guide in mind. It will help you get the most out of your experience and help you feel more confident as you move forward.
Shop within your price range
This sounds easier said than done, and is something that many potential home buyers ignore. If you stay within your price range when shopping for a home, you save the time and efforts of your real estate agent when looking for residential houses that you can actually afford, and you keep yourself from looking at houses in neighborhoods or with square footage that is actually entirely out of your financial means. In order to learn what your price range is for a home, speak to your home loan specialist, who will assist you throughout the endeavor.
Pick your main key needs
What is a necessity to you when buying a home, versus what is something you would like to have but you don't require? If you must have two bathrooms in a new home, let your real estate agent know. If a fenced yard is a priority, stick to this ideal. If you prefer a house with a basement, only look at homes with this design. You don't want to deviate too far from what you really hope for in a home.
In addition to picking key needs, you should also pick a list of things you would like to have if possible, such as central air, a hot tub, and other features you deem important. Your real estate agent will be able to use this information to help narrow down your options and really help you secure a great home.
Your home purchase adventure is made much easier when you go in prepared. Get approved for a home loan and use the information with your budget and what you'd like to have in a house help you move forward with your house purchase. When you do your part to keep your home shopping positive, you do your part to really make the most out of your experience.
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For the last several years, I've used a property management firm to help with my rental properties. One of the tasks that they handle for me is screening applicants who would like to move into one of my vacant units. Their expertise has helped me lower my tenant turnover and find people who want to stay with me for years. Part of the process is a tenant screening credit check. Before any further contact takes place, my manager orders credit reports from at least two agencies. That is enough to tell us if an applicant is a good financial risk. Assuming the references work out, I meet the candidate and make the final decision. If you own rental properties, let me tell you more about the benefits of having a property manager. I'm betting you'll find this type of arrangement will work for you too.