Monday, 23 August 2010

Matters to be considered, when purchase property for renting out

Real estate investment is a good option of investment and there are two types of main investment opportunities in real estate investment. One is purchasing real estate for giving it as rent and the another one is for resale the real estate after modification or not and get a profit out of it. I wish to share some important points to be considered while you purchase real estate for giving it for rent and get a good rental income. Following are the points.

Property near good transportation system can get good rent and there will not be difficult to get tenants.

There should be local shops and server at the walking distance.

Church or place of worship should be easily reachable from the property.

You should be aware of the amount chargeable for services such as porter, elevator, concierge, leisure room and gardener etc. even though these facilities will increase the demand of the property.

Ensure the capability of your local real estate agency to get the proper and profitable real estate. If you will not get a good rental income the investment will not be worthwhile.

Find a good property dealer or real estate agency who can deal all related works such as finding a property, checking the reliability of property and title, finding tenants avoiding vacant periods and do all documentations related with purchase, mortgage and renting.

When you give it as rent, find out the where about of your tenant and also do not forget to make an agreement of rent with the tenant which describes all aspects such as amount of rent, service charges to various agencies, repair and maintenance of the property, notice period to vacate etc.,

Consider all the above points and apply when you go for a property to rent out, you can avail a good deal at the time of purchase and afterwards.

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