From the initial choice of having rental property to really purchasing the first one as an investment, there’s plenty of planning and work involved. Buying rental property should be approached with a lot of circumspection and forethought so as to get an optimal return and avoid a serious financial setback resulting from a wrongly chosen piece of property. There are a number of aspects to be considered when looking for income-generating property.
One should begin hunting for rental investment property with an unbiased approach to areas. One must have 10 things in mind while trying to find the best rental property.
AREA
The quality of the location in which you purchase rental property will determine the kind of renters you will find, and how frequently you may face vacancies. In case you purchase a home in an area near a university, the odds are that your pool of expected renters will largely consist of students.
You may be faced with frequent vacancies during the times when students generally return home for their holidays. Also, there would be a higher churn of tenants when ideally you want long-term leases.
Examine the location and project for existing and planned public parks, shopping malls, gymnasiums, cineplexes, public transportation stops and all the other factors that would conceivably entice tenants. You can peruse developers’ project brochures and also do online research to establish the saturation of such facilities in a neighbourhood.
You also need to know what new developments are coming in, and what has been zoned for special purposes by the local municipality. You are looking for a region with excellent growth prospects where schools, business parks, shopping malls and entertainment zones are either already in place or planned. Simultaneously, be wary of any new development which could reduce the value of surrounding properties such as by causing the loss of green open spaces or public parking facilities.
PROPERTY TAXES
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