4 Things To Watch Out For When Viewing A Rental Property
Real estate is one of the best investment opportunities at the moment. Rent is at an all time high so as a landlord, you stand to make a lot of money. But it’s not as easy as that. If you don’t pick the right property you’ll struggle to find tenants and you’ll just be losing money. Properties have a lot of hidden problems that are easily overlooked but will put tenants off renting the place. Here is a quick checklist of things to look out for when you’re viewing a rental property.
Location
Don’t just focus on the property itself because tenants will base a large part of their decision on the location of the property. If there are no good shops or schools nearby, you’re going to struggle. It’s also worth getting to know the area because, as a place gets popular the prices will increase until people are priced out and they’ll start moving to a cheaper, up and coming neighborhood instead. Buying a house in an area that’s on the rise, while prices are still relatively cheap, is the best way to make maximum profit on the property. It’s worth speaking to planning consultants who have a good understanding of the housing market and extensive knowledge of which areas are worth buying in, and which aren’t. They’ll be able to help you decide on a good location for your new property.
Cracks
There’s nothing wrong with buying a house that needs a little work. It’s a good way of keeping the price down. However, you should only invest in a property that needs cosmetic work, avoid anywhere that is going to need expensive structural repairs. Cracks in the walls and ceilings are one of the biggest indicators of serious damage to the house so always be on the lookout. When a real estate agent is showing you around, they might try to hide these cracks by moving furniture around so always make sure you’re having a good look in all the corners and behind wardrobes etc.
Size Of The Rooms
This is an obvious one and it’s probably one of the first things you notice when you’re looking at a house, but be aware, there are ways to make a room look bigger than it is. Cleverly placed mirrors or a good furniture arrangement can create the illusion of space in small rooms. When you go in there, note any mirrors and try to imagine the space with different furniture arrangements in there to get a sense of the actual size of the rooms.
The Roof
The state of the roof is a good indicator of how well the previous owners have maintained the property in general. Damage to the roof can also cause all sorts of other problems inside the house so if you buy a property with holes in the roof, you’ll be paying for those repairs plus a whole lot more. You can easily end up losing money if you have to put loads into fixing up the house so always ask about the state of the roof.
Real estate is a good way to make a lot of money but if you buy a house with one of these problems, you’ll make it a lot harder for yourself.
