We invest in real estate income generating properties to gain profits. But you have to invest in ‘Good properties’ to get good returns on investment. Whether you are running or want to run a vacation rental property or a single family home or you possess or want to buy an apartment for an investment purpose. Which things make your property a good rental property. Here we have shared some ‘must-have’ features an income generating investment property should possess.
Tip – Hire a property valuer Sydney no matter how much you know about the property investment strategies.
Location. Might you have heard a lot about this- Location, location and location. But believe us or not it is really really important. The location puts the direct impact on occupancy ratio, how much rent and what type of tenants you will get. When buying the rental property make sure to check the surrounding amenities like availability of schools, colleges, hospitals, transportation facilities and job opportunities. People love to have these facilities near their home. So if your investment property is the one which offers such facilities then you are going to get good returns and always occupied.
Money. You invest in real estates with the hope to earn well. It begins with the property you purchase for an investment. Make sure to choose the property which generates positive cash flow. Which can be determined by finding the average monthly rent of the surrounding properties and then you can subtract the property-related expenses. To determine the outcome is positive or negative. You should invest in those properties only which possess the potential to generate positive cash flow.
Appreciation. Keep in mind real estate property grow by the time i.e appreciation takes place in real estate. While buying an investment property don’t look at the current scenario. Think from future prospective too.
Tenants. Understand your prospective tenant’s requirement. No matter which type of property your owns every type of property has its pros and cons like apartments, condominiums, single family homes, multi-family homes and more. Understand the market first to know which types of properties are in demand. Apart from facilities how good your property looks from inside and outside matters a lot. Clean up, spruce up, and advertise it well on local media, social media to get the tenants. Post some good pictures along with impressive description helps you to get the good tenants. Property view and storage space available matters the most to the tenants.
These are the must have things which your income property must possess. The best property valuation services one must call Sydney property valuer to know the property value.