Coming Soon
Subscription Marketplace - Buy and sell subscription products and services
0 like 0 dislike
584 views
in Articles by
When you are shopping around for rental investment property it should be kept in mind that just because you find a property with a good price; that does not necessarily mean that it will make a good rental property. There are simply some properties which are more suitable to renting than others. This can be one of the most common mistakes many people make when they purchase their first rental property. By understanding which properties should be avoided, or at least how to handle problem properties, you can be more confident of your success.

Outdated homes are a prime example of properties which do not make the best rentals. One of the main reasons that outdated homes do not often make good rental properties is the fact that they are simply more prone to have things go wrong with them. In some cases, this can turn out to be quite expensive. You will have two choices when dealing with an outdated rental property; you can either spend the money to update it and risk your profit or you can not update. The latter is also quite risky as most renters, if they have a choice, will rent a property that is updated. Renters typically expect the properties they are renting to be safe, secure and have working systems and appliances. Some of the main problems you may run into with outdated problems include plumbing issues, roof leaks, cracks and settling, electrical problems and the ability to obtain parts for appliances.

Outdated homes are not only frustrating because they tend to have systems and appliances that break down but they can obviously be expensive in many regards. Not only will you have to pay for the repairs but more often than not the repairs will need to be made when you least expect it and during the least convenient times; which usually translates to an even higher cost.

Homes with pools also do not frequently make ideal rental properties. At first, you may see a home with a pool as an advantage which would be appealing to prospective tenants; however, this is not always the case. Many prospective tenants, especially if they have young children, do not want to live in a home with a pool because of the risk factor. You should also take into consideration the issue of liability as well as the cost of maintaining the pool.

In addition, homes that are considered to be high-maintenance may not make the best rental properties. Consider how much time you are willing to spend each week working on your own home, if you are a homeowner. You might find the tasks of wedding, mowing the lawn and watering the flowers at least fulfilling if not rewarding. The thing about tenants; however, is that they are often not willing to perform these tasks for a home they do not own. If you have a property that requires all of these tasks consider hiring someone to handle the yard work and then including the price in the rent. You will be able to guarantee that the work is done and your property does not look unkempt without having to actually worry about it yourself.

Location is always important when it comes to real estate and that is no different when choosing a rental property than when purchasing a home in which you will live. Properties which are close to amenities such as shopping, schools, worship centers and are generally considered to be in a good neighborhood will typically make better rentals than homes that are located on busy streets or which are not near such amenities. Therefore, it is always important to make sure you take location in mind when choosing a rental property because most prospective tenants will be looking for properties that are in good locations. If there is competition on the market, a tenant will often choose a rental that is in better location even if it means paying a bit more in rent.

Please log in or register to reply to this topic.

Related topics

0 like 0 dislike
0 replies 593 views
0 like 0 dislike
0 replies 846 views
posted in Articles by SnailMail
0 like 0 dislike
0 replies 666 views
posted in Articles by Wallaby
0 like 0 dislike
0 replies 542 views
posted in Articles by Celestiger
0 like 0 dislike
0 replies 682 views
posted in Articles by Octopixy
0 like 0 dislike
0 replies 730 views
0 like 0 dislike
0 replies 623 views
0 like 0 dislike
0 replies 622 views
posted in Articles by Falconjurer
0 like 0 dislike
0 replies 899 views
0 like 0 dislike
0 replies 505 views
posted in Articles by Mosquiche
0 like 0 dislike
0 replies 534 views
posted in Articles by TrustyKitty
0 like 0 dislike
0 replies 505 views
posted in Articles by SwiftHeroine
0 like 0 dislike
0 replies 650 views
posted in Articles by Dragonig
0 like 0 dislike
0 replies 537 views
posted in Articles by Emufasa
0 like 0 dislike
0 replies 785 views
posted in Articles by GroundHurricane
0 like 0 dislike
0 replies 644 views
0 like 0 dislike
0 replies 457 views
posted in Articles by GamerAlpaca
0 like 0 dislike
0 replies 620 views
posted in Articles by GrizzlyFlash
0 like 0 dislike
0 replies 499 views
posted in Articles by SleepyFledgling
0 like 0 dislike
0 replies 672 views
posted in Articles by Monkeyno
0 like 0 dislike
0 replies 527 views
posted in Articles by OpinionOwl
0 like 0 dislike
0 replies 513 views
posted in Articles by Tabooccaneer
0 like 0 dislike
0 replies 486 views
posted in Articles by FatKomodoDragon
0 like 0 dislike
0 replies 556 views
posted in Articles by MagicalCyborg
0 like 0 dislike
0 replies 640 views
posted in Articles by TrainedGuy
0 like 0 dislike
0 replies 640 views
posted in Articles by MammothMoth
0 like 0 dislike
0 replies 655 views
posted in Articles by BunBunny
0 like 0 dislike
0 replies 623 views
posted in Articles by Prepatriarch
0 like 0 dislike
0 replies 705 views
Connect with us:
...