Looking For Property As A Section 8 Housing Rental? 3 Things To Keep In Mind
Do you want to buy a rental property, but are worried about finding renters? You may want to consider buying a home to use as a Section 8 housing rental property. With the government paying for a large part of the rent, it may be easier to find renters that can pay the remaining part of the rent every month. That said, your rental property will be under more scrutiny than a normal rental property. You'll need to make sure that it qualified by having the following things.
Multiple Exits For Bedrooms
If you advertise your rental property as a 3 bedroom home, then every bedroom in the home must have multiple exits. This typically means needing to have a door and an operating window that can be used as an exit. If it doesn't have a second exit, you cannot say the room is a bedroom. This is often a problem when adding a bedroom to a basement if it doesn't have an egress window.
Appropriately Sized Appliances
Don't make the mistake of putting in the cheapest appliances that you can find in the home just because it is a rental. The appliances, like the refrigerator, must be appropriate for the size of the home. A mistake that can be made is putting in a cheap apartment-sized refrigerator that is too small for a full-sized home with multiple bedrooms.
Garbage Removal
Depending on the city where your home is located, you may or may not have a local trash service that takes care of removing waste for you. If you have this service, then there is nothing to be concerned about. If not, then, as a landlord, you are responsible for providing a way for the tenant to get rid of their garbage. This means that you will have to find an alternative service, such as a dumpster, for your tenants.
Defect Free Home
Any defects in the home must be repaired before it can be rented out. While you may have bought the home with the defects there, you'll need to fix them for your renters. This can include things like a light switch that doesn't work, or a hole that is in the wall.
If you need help finding a home that will have no problem qualifying for use with Section 8 housing, work with a local real estate agent. They can help you find a property that will work perfectly for your purposes.