TOP FEATURES OF A PROFITABLE RENTAL PROPERTY
As a landlord, you must know that when you are buying a property for rental purposes, you have to consider many aspects like the location of the place and the crime rate in that area so that you can ensure that you get the right tenants. Being a real estate expert and a property manager, I have gathered some features that your profitable rental property should have:
1- Neighborhood: Whenever a tenant is looking forward to rent a house, he always checks the kind of neighbors there are. The quality of the surrounding neighborhood greatly influences the types of tenants you will be having. A property with a good, friendly neighborhood is already appealing to the tenants so keep an eye out.
2- Property Taxes: As property taxes are not uniform, you have to consider how much money you will be losing as an investor looking forward to making money from rent. However, that does not mean that high property taxes always turn out to be a loss on an excessive expense. If the neighborhood is ideal, you will easily get long-term tenants that will get you the returns. The assessment office of the municipality mostly has all the information related to tax, or you can simply consult with the homeowners of the community.
3- Crime-Rate: The security of the area should be your primary concern when looking to invest in a rental property. Tenants would never opt to live in a place that has a hostile environment. Instead of asking the owner of the property who is selling you the place, contact the local enforcement or the people living in the neighborhood to get an update on the security situation of the area. Some areas you need to consider are petty crimes, recent criminal activities, and vandalism rates. You may also want to gain insight of the situation of the police.
Regardless of where ever you look forward to invest in, always make sure that you consider the profitable aspects of the property so you do not end up wasting your money!
Written by Scott Esmail