Buying rental properties can be a great way to build your wealth. However, as in most real estate investment, it is sometimes difficult to know if you’ve found a good deal – especially the first time. Here are some things to look for to be sure that rental is a great investment.

1. Location

If traffic is heavier, rentals are easier to rent. A sign will often pull more response than an ad in the paper. If it is a nice locale, it will usually rent faster. This is also true of places close to amenities.

2. Numbers

Run the numbers. Get every last expense figured into your calculations, and be sure that you will have positive cash flow from the start.

3. High home prices

Look in towns with high home prices, as this creates rental demand. What do people do when they can’t afford to buy? They rent.

4. Low maintenance buildings

Avoid cedar-shake roofs, and wood-sided buildings. Look beyond current expenses to how much maintenance the building will need. Low maintenance means less headaches and more profits.

5. Good rental history

Ask to see the rental history. Note how long residents are staying on average, and how well they pay on time.

6. Below market rents

Buying rental properties with below-market rents means you get to raise rents. Raising rents means you imediately raise the value, because rental property values are based on income.

7. Complies with zoning and fire codes

Have it inspected, and ask local officials if there are any problems.

8. Less than 20 years old

This is somewhat arbitrary, but if you limit your search to newer buildings, you will be less likely to have building code and maintenance problems.

9.Owner/manager that is out of state

These properties are often the best deals, because it is tough to manage a property from far away. An out of state seller is often more concerned with a quick sale than a high price.

10. Neighborhood is stable or improving

Stable is okay, but if you can buy in a neighborhood that is improving, you’ll rent the units more easily, and therefore get automatic appreciation in value with time.

Bookmark It

Hide Sites

Over 80% of buyers have reported that having an outside area or garden is the most important feature when house hunting. Here we look at how to make the most of your outside area and make your property stand out from the crowd.

In the UK gardening is a national passion and should not be overlooked when attracting potential buyers to your business proposal. Buyers can be put off by poorly maintained gardens and it shows a general lack of care for your property. Unless your property is priced to renovate, this is not an attractive proposition.

Firstly you need to view your outside as an extension to your house – another room for a particular purpose. Generally it would be an area to relax in, entertain friends and play with the family. It could also be an area for hobbies such as gardening and vegetable growing.

The front garden will be the area that a buyer will see first. If it has a lawned area ensure that it is mowed and has neat borders. If it is gravel check that there is enough gravel to make an attractive covering. Old gravel can sometimes be thin enough to show unattractive mud patches or have weeds growing through. Borders need to be weed free and you could have wood chip amongst the main shrubs and flowers to avoid more weeds growing. This would help to keep the garden low maintenance. Pots and hanging baskets with colourful seasonal flowers can add warmth and a welcoming atmosphere to your house. Remember, first impressions count – you need to make the best impression you can.

If you want to add a lawn to the garden you could either sow seeds or lay turf. Laying turf is more expensive but immediately improves your garden. Remember you will need to water a new lawn in the early morning and late afternoon to avoid scorching it. You will need to mow it about once a week between March and October and when you mow, it needs to be dry. Remove the cuttings and trim the edges to keep it tidy.

In choosing your flowers try to ensure that you have colour throughout the year and shrubs should be low maintenance. Examples are lavender which is a perfumed shrub with flowers in the summer. Its delicate leaves add shape and interest to the garden throughout the year. However, do be careful where you position it as it attracts bees. Bay trees or box topiary at the front door or at carefully placed points in the garden adds a sense of care and tidiness – again this encourages the feel-good factor. Evergreen shrubs are useful to give shape and definition in the garden throughout the year. Add seasonal interest and colour with bulbs and bedding plants. Herbs in pretty pots show an interest in cooking and well-being, which could add to the attractiveness of your house and lifestyle.

Define a sitting area with an inviting table and chair set. Position benches and arbours carefully so that you show how inviting the outside area is. Storage benches can be useful not only for relaxation but to tidy away garden toys or unsightly clutter.

A shed is generally welcome and can be painted or stained to make it more attractive. You want to remove any clutter, tools or bikes from the garden to create a smooth, uninterrupted line. Investigate bin tidies or trellis to hide away any bins. The eye will be immediately drawn to protruding objects and any mess. Keep the buyers eye on your lovely garden and keep it interested.

Ask your estate agent to view your garden and ask how it can be further improved. If you are targeting a specific market you will need to cater for their needs accordingly.

A garden is like another room to your property. Treat it with the same care and turn it into an excellent selling point, one which your potential buyer will remember positively.

Bookmark It

Hide Sites