Investing In Property And Property Maintenance
Investing In Property And Property Maintenance
Property Investment has seen it's ups and downs over the last couple of decades, as investors deal with the rise and fall of property prices, yields, and costs of living. However as investments go, it is still a sound purchase especially as property prices are so low at the moment and renters are queuing up for somewhere to rent. This is mainly due to the deposit needed to get a mortgage on a property at around 20%-25%.
So with prices so low and rental properties in such a high demand, surely it's the perfect time to become a property investor right? Well it's important to take on board what being a landlord means and the you will also need to answer questions about the type of property your after, and who should manage it.
When buying a property it's important to look at aspects such as, location, what type of property your buying, maintenance, and whether or not your going to hire a property management company.
Location:-
Obviously depending on your budget depends on the type of area you may be looking into. However small property investors will be looking to just manage one property within there own local boundaries. Location does not just refer to the city you wish to purchase property in but also the suburb within your city you wish to find property in. For example, if you wish to manage the property yourself, driving for an hour to check on your investment might not be practical. Also the neighbour hood the property is placed in will also attract a certain type of tenant and this may also need to need to be factored in the property you can afford.
Type Of Property
The type of property you wish to purchase is also a prime factor. This may be ruled by budget or the type of tenant you wish to attract. For instance if your budget including property fees and maintenance is low, you may be looking at one bedroom flat, or semi detached terraced house on a council estate. If you wish to attract the business professional who is going to be dependable and only require minimal property maintenance then your going to need the budget for a studio apartment in or around the city centre.
Maintenance
Once you have found the property you require, you then need to look at maintenance. How much maintenance does the property require before its ready to rent, what are the neighbours like?, what does the surveyors report say, will you be wanting to furnish the property and decorate.
Property Maintenance
Ask any landlord and they will tell you one of the most demanding parts is looking after your tenants needs and collecting rent this can turn into a full time job, and the cost can often spiral out of control. This is where a property maintenance company can come in. They are responsible for collecting rent and all aspects of maintenance and dealing with the tenant. However the price of the company will need to figured into your overall costings.
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