I recently picked up new clients looking to purchase their first rental investment. In an improving market it’s exciting to find homes that will build equity and earn benefits of low interest rates.
While researching the rental potential of different neighborhoods, I was completely taken aback at the current rental rates. I’d heard allegations of increasing rent, but was utterly amazed at the truth to this statement. Regardless of neighborhood, location, amenities, property condition, etc…, home rental rates have increased over the past year anywhere from $100/month and up!
So instead of scraping to come up with the increasing rent charges each month, consider contacting a mortgage lender for a qualification letter. It might surprise you how much lower a mortgage payment will cost!
Hampton Roads Real-e-statement is written by Alyssa Godwin, a Realtor with Liz Moore and Associates. For questions regarding buying or selling contact Alyssa at 757-329-6161 or firstname.lastname@example.org. You can also find Alyssa on Facebook or on the web at www.lizmoore.com/alyssagodwin.