New Hampshire offers some of the best natural scenery in the northeast. The White Mountains are a beautiful place to live. Lakes abound in the Granite State, most notable is Lake Winnipesaukee, boasting 72 square miles of tranquility. New Hampshire has much to offer those seeking outdoor entertainment and a change of seasons--making this New England state a great place to live.
Looking for a Rental Property? Individuals and families looking for rental properties in New Hampshire to call home or for a vacation getaway should consider a few factors when making a decision.
Start with your budget. A good rule of thumb is to look for rentals with a monthly payment of less than 30 to 35 percent of your take-home pay and no more than 40 percent of your gross monthly earnings. This will keep the home affordable. And don't forget to include discretionary expenses when creating a budget. Things like fast food and grocery store impulse purchases can add up substantially.
Determine what is included and what is not. Some landlords or leasing companies will include water, sewer, trash and other utilities. Others will lease a property with nothing included. Look over the rental terms to be fully aware of what is and what isn't included. Most rentals will include some utilities and that will help you stay within budget.
Location, location, location. The old adage in real estate is a home is all about location. That's true whether you are buying or renting. Location is key for a rental property. If the property is too far a commute, any savings you realize by finding a cheaper rental might disappear in commuting costs. Also, location can be defined by very close quarters or in this case, borders. Take a moment to check-out the neighborhoods surrounding a potential property before signing on the dotted line.
Need More Tenants? Owning rental properties means having to carry the expenses of maintaining said properties when empty. This includes upkeep and paying property taxes. After all, those taxes will continue to accrue even if the property isn't making money.
Begin with curb appeal. A rental will sit empty and continue to be empty when it doesn't look inviting. A fresh coat of paint or good pressure washing along with some fresh flowers and colorful plants will transform a property from eye sore to eye catching.
And don't ignore the inside. No matter how enticing a property is outside, if it isn't clean and updated on the inside, tenants won't sign a contract.
Make it worthwhile. A well landscaped house with updated appliances will definitely get traffic. But if it isn't priced right, the property taxes and mortgage will continue to add-up unabated. So, do the research to determine what the property can actually bring in each month. Find the rental prices of similar properties in the area and price your rental for occupancy. Tenants that get a good deal will enthusiastically re-up their lease when the time comes. Moving is a hassle and creating long-term tenants is what its all about.
Retain the best of the best. Inevitably, something will break. A shower springs a leak, a dishwasher won't run through a cleaning cycle or a furnace goes kaput. That's part and parcel of being a rental owner. So take great care to inspect and follow-up after a repair or replacement. If the service provider was courteous to your tenants and did the job right and on-time, keep his name on your "A list". Once you have enough names, give a copy of your list to your tenants. When a repair or replacement is needed, the tenant doesn't have to bother you.