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How to choose a profitable rental property

by , 03 October 2014

Have you decided to invest in rental property in order to generate a passive income each month? Being a landlord is not for everyone - you need to be prepared if you want to succeed in this business.

Before deciding which rental property to buy, you need to do your homework. There are certain aspects and factors to take into consideration before making a choice.

In order to choose a profitable rental property, take the following into consideration.
 
The neighborhood
 
The neighborhood where the property is situated is probably the most important factor to consider. The quality of the neighborhood will influence the rental price and the time it takes to find suitable tenants. If your rental property is situated in a very good neighborhood, close to quality schools and amenities, the value of your property and the rental price are likely to increase with time.
 
Access to good schools
 
Your future tenants may have children, so it’s important to check and see whether there are any good schools in the neighborhood. The overall value of the property will increase if there are good schools nearby.
 
Access to public transportation and town centre
 
Chances of renting the property at a higher price and of finding tenants more quickly significantly increase if the property is situated close to the town centre and if it has access to public transportation.
 
The future development possibilities in the area
 
Find out if new buildings, shopping centres, parks, or office buildings will be developed in the area. Such buildings could significantly increase the value of your property in the years to come.
 
Employment opportunities
 
When looking for rental properties to buy, search for locations with increasing employment opportunities. Such locations attract more tenants and have higher rental prices.

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How to choose a profitable rental property
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