The Ten Essential Features of a Profitable Rental Property ...

The Ten Essential Features of a Profitable Rental Property

'; div.innerHTML = summary; } //]]> Are you torn between renting or selling your home? If you have difficulties in selling it then you might consider renting it then. For those venturing into the real estate business for the first time, challenges and roadblocks can ultimately ruin your plans. There are ways to transform your private rental property into a lucrative and steady income provider for you and your family. Australia is an amazing place to do property rental business because of the diverse opportunities available for people who want to venture in the lucrative real estate sector. For your rental property search needs, go to specialised search portals like Odusee to find the best rental properties in the country.Source: americangreenrealty.comDo a lot of homework considering the fact that the real property market is very volatile. You need a reliable real estate agent who can help you in your rental property search. If you have specific needs and budget, carefully consider all the properties and neighbourhoods with an unbiased approach. Unlike selling a property, renting it would be less of a hassle as long as you get the necessary help from an agent or a management company, should you hire one. Here are important tricks and techniques when looking for the right rental property in Australia:

Quality of Neighbourhoods in the Big Cities

Depending upon the neighbourhood you choose, the quality of living and security will influence the type of tenants you will have and the frequency of vacancies you will expect. Getting a property near a university will give you a pool of younger tenants. Expect to face high vacancies during university break as most students go on vacation. Be careful, depressed areas may be quite tricky because of high-crime rates.

Impact of Property Taxes

Source: propertylounge.comProperty taxes deducted on rent are not standard. So if you have a property in the city centre, expect to get high property taxes as compared with your property in the suburbs. As an investor hoping to earn income from rent, it is your best interest to know how much money you will lose on taxes. But if you look at the bright side, high taxes in rental property in Sydney CBD may not be such a bad thing as long as you get long-term tenants.

School Proximity

Some potential tenants may have or planning to have children so it is obvious that they would be looking for a place near schools and universities. Having quality educational institutions would definitely affect the value of your real estate investment.

Peace and Order

Source: residentsagainstcrimes.comNo one want?s to live in a neighbourhood where murder, robbery, and assaults are the norm. With police sirens and gun shots from around the corner, the property value of your real estate will go down too. Do extensive rental property searches before you make a mistake by buying rental property in a volatile crime hot spot.

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Where Work is?

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Location to employment opportunities is essential when you want to attract would-be tenants. Get a good rental property where it is situated near big companies like an automobile manufacturing firm, a multinational company headquarters, or an industrial facility. There would be lots of employees looking for a place to rent near work.

Entertainment Factor

Source: acdc-bootlegs.comWhen it comes to rental property management, property specialists would recommend having a rental property near shopping malls, bars, restaurants, and entertainment centres. This is true for people who want to be in places where they relax and unwind away from the stress of big cities.

Development Plans and Proposed Projects

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Whenever there are news of new developments and proposed building projects in an area, it is the best time to capitalise the situation. Buy properties near the area because once a new building, industrial park, or commercial development is completed, property prices would go up. However, not all developments will benefit you so if a proposed project will wipe out the natural scenery of the area then it is a bad sign.

Vacancies and Foreclosures

Source: lawblog.legalmatch.comIn Australia rental property business, vacancies and foreclosures are bad indicators of doing business in a particular area. However, you need to know the reason behind such vacancies ? whether it is a seasonal one or just the neighbourhood has gone ?bad.? It is a simple understanding of supply and demand so high vacancy rates would mean that you have lower down rent to cut even and increase rent in low vacancy rate areas.

Natural Disasters are Beyond Your Control

Whether if it?s torrential storms, dust storms, wildfires, and other products of nature?s fury, it is beyond your control. With that in mind, insurance can add up and will definitely remove a chunk on your rental income.

Source: http://www.investopedia.com/articles/mortgages-real-estate/08/buy-rental-property.asp#axzz1ScffOKMT

Source: http://www.real-peek.com/2011/07/ten-essential-features-of-profitable.html

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