An investment property, such as a rental, is a great way to generate extra income. However, finding and purchasing that perfect investment property isn't always easy. Luckily, it doesn't have to be difficult. With a little knowledge and the right tips, you can make finding that perfect piece of property much easier.
So what should you know when looking for a rental investment property? Here are three essential tips:
1. Location Matters
When searching for a rental investment property, consider the location. Properties that sit near points of interest will always yield more income. Properties near schools and colleges are a great investment, as people will always gravitate towards these homes – especially if they (or their children) are in school.
Other points of interest that renters like to near include transportation, shopping centers, and malls, as well as nightlife. So if you want to ensure your rental property will have interested renters, consider purchasing a property near any of these points of interest.
Another tip for increasing your income is to renovate the home. Now a complete overhaul probably isn't in your budget, but that's okay. Instead of renovating the entire home, focus on the important parts: the kitchen and bathroom. These areas are often considered high priority to renters. So if they have been recently renovated, you'll likely be able to raise the rent. This increases your income, which is certainly beneficial.
3. Know The Market
Finally, make sure you take some time to learn the market. When selecting a rental investment property, you need to know how much income you'll get from it. So drive around and talk to real estate agents to learn more about the rental market. This will give you valuable insight about the market so that you can better understand the numbers. For example, are the rentals in the area steady? If so, this is probably a good spot to look for a property. Are landlords offering significant deals to prospective renters? If so, this area might be struggling to keep renters. By taking some time to really know and learn about the market in your area, you'll be better prepared.
A rental is an excellent investment for many. However, it isn't always easy to find that perfect property. Luckily, with these tips and a skill real estate agent, you can find that ideal rental quickly and easily -- which means more profit for you.Share
14 April 2017
Have you recently found out you’ll soon be moving to a new location? Perhaps, your employer is transferring you to another branch of the company in a different city. Or, you may need to move near a family member in order to take care of him or her. Regardless of your unique situation, you might worry you won’t be able to find a wonderful place to live in your new city on your own. Consider hiring a reputable real estate agent to help you with your house search. This professional should have in-depth knowledge about your new area. On this blog, I hope you will discover the many advantages of hiring a real estate agent during an unplanned move. Enjoy!