Buying a Home that has been a Rental Property

Most of the homes that are for sale are occupied by the owners, but a fair amount of them are occupied by tenants.  This can happen if it was used as an investment property or if the owners had to move before their home sold.  Although it doesn’t really matter who was living in the home before you, renters are often harder on the home they are living in than the owners are and therefore you should keep in mind the following points and tips.

Check the condition of the home

Some rental properties have amazing tenants and are in perfect shape.  The tenants have kept up with the maintenance and maybe have even made some improvements on the place.  Other rental properties have bad tenants and are hard on a house creating additional wear and tear and not keeping up with the maintenance.  Also, keep in mind, if the tenant does not want to move, they may make the place look bad during the showing.  Try to keep in mind that you are looking at the house…not its contents.

Make sure to get a Home Inspection

No matter what kind of house you buy, tenant occupied or other, it is always important to get a home inspection.  The home inspector will be able to tell you exactly what shape the home is in and any repairs that need to be done now or in the future.  This can help you in negotiations.  If there was an unexpected problem with the house, you can often offer a lower price for the home.

Think Money

Sometimes a home is both owner and tenant occupied.  This can sometimes be a great aspect, especially if you are trying to make some money.  Renting out a part of your home (most often the basement) is a great way to make additional income.  If the tenant staying there looks like they have taken good care of the place and pays their rent on time, consider renting it to them after you have bought the place.  This lets you not have to worry or look for more tenants.

If you are ready to start looking for a home, don’t hesitate to contact me and I am happy to assist you.

Sincerely, 

Astra Mulawka
Sales Representative
Better Homes and Gardens
Real Estate Signature Service