Key Tips for Buying Rental Properties

Buying rental properties is a good way to increase your assets. However, choosing the right rental property will be challenging. Taking the help of local agents in Cowes is a normal strategy that people follow here. But if you are not hiring them then you need to follow the following tip for purchasing a rental property.

1. Location - Most people don't want to live in the boondocks. The location of your rental property will determine how easy it will be to rent. If you have a lot of vehicle traffic, you may receive a greater response from a sign at the location than you will from a newspaper ad.

2. Numbers - When buying rental property you want to check the numbers. Make sure you have all the expenses associated with that property and make sure it still has a positive cash flow. Take into consideration the maintenance issues, any utilities not covered by the tenant, and amortize the cost of the big projects like furnace replacement, new roofing, siding, or landscaping.

3. Lower Maintenance Buildings - You want to avoid homes that will require expensive routine maintenance. Some examples would be homes that have cedar-shake shingles or siding, wood-sided buildings, wood frame windows, brick driveways, cedar decks, etc.

4. Higher Home Prices - Check in towns with higher home prices, because this increases the demand for rental property. Look for the ugly house on the block that has a lower price, enabling you to purchase within the margins.

5. Below Market Rent prices - When buying a rental property, look for one which has rent prices that are below current market rents. This will allow you to raise the rent and increase the value of the property. As per above, this may just need a little fluff to enable raising the rental price.

Buying a rental property in Cowes needs some professional knowledge. The First National Real Estate Phillip Island provides you the best rental property for sale in the city. All properties are located in beautiful parts of the city. The prices are a little bit higher but you can easily afford them. To know more about the selling policy please visit our website [http://phillipislandfn.com.au/]

 

 


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