Whether you are buying or selling real estate, it is critical that you have the property inspected and that you disclose any issues that are required by law to disclose. For example, you may be legally required to disclose lead, asbestos or other toxins in the home. Failure to do these things can result in fines or other issues. However, it isn't always easy for real estate buyers and sellers to know what they need to do. Hi, my name is Mary. I have been investing in real estate since the week after I left uni. I love it, and I have learned a lot along the way. I want to help and inform others so I decided to make this blog. I hope you find it useful.
Buying investment properties for the purpose of renting is a great way to earn an extra income if you can afford it. But you'll need to ensure that you purchase rental properties that tenants want. Here are some golden rules to help you buy properties with enhanced renting potential.
Location is Pivotal To Your Success
If you're looking for houses for sale, choosing the right location is pivotal to your success as a landlord, so you'll want to be smart when purchasing rental properties. A strategically located property will have a dual benefit –– it will always be in demand with tenants and you're likely to fetch a higher rental price. To be strategically smart, you'll want to choose rental properties that are close to public transport, shopping centres, schools and business districts. Most renters are looking for easy accessibility, so you don't want to buy a property that's far away from vital amenities for tenants.
Adapt to Different Lifestyles
Before buying rental properties, you'll probably want to consider the lifestyle of tenants you have in mind. For example, young professionals like the idea of being close to beaches, entertainment centres, public transport and shopping outlets. Young families want to be close to parks, schools and recreation centres. Older people want to be close to entertainment facilities, hospitals and medical units. Consider the lifestyle of people you are looking to target when planning on buying your investment property.
Offer Advantageous Features
Adding bonus features to your investment property is sure to increase the demand for your home over others. For example, facilities like high-speed Internet are highly sought after among tenants, since they don't want to sign long-term contracts with service providers when they are in your home for a short time. Similarly, tenants don't like the idea of communcal laundries. A home with an installed washing machine will have much higher demand than a home without one.
Choose Your Floor Plan Intelligently
Every tenant has a different need, which makes it difficult for landlords. But you can choose your floor plan based on specific strategies. For example, if you're interested in renting to a young family, then you'll most likely want to invest in a two-bedroom property. If you're planning to give it out to young professionals or retired people, then a one-bedroom unit will suffice. You'll also want to ensure that the bathrooms are proportionate to the number of rooms in the home. A four-bedroom home with one bathroom is a nightmare for residents, so choose your floor plan intelligently.
Use these golden rules for buying rental properties that tenants want to rent.Share
23 October 2015