Features Of A Good And Profitable Rental Property You Need To Know

Buying real estate for rental profits is a great financial move. Learn how to identify great properties for rental income by location, size, facilities, accessibility, safety and lease terms.
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Whether you are a bachelor moving out of state in search for a new job, a student moving to another town for studies or simply a business owner looking for new premises, finding the right new place is essential to ensuring a hassle free road down the line.

Hence while searching for a property for rent may seem as easy as searching for them online, a property renter will need to know how to budget for a rental property.

The next step is to know where to look and how to look for them, which will help many a renter focus their search on their dream property much earlier rather than later on.


Identify Potential Properties

Searching for a property for rent is now much easier than in the past where the advertisements were only posted in newspapers.

Nowadays, renters can simply utilise the advanced search systems online, enter their requirements and get matched to suitable units immediately.

For example, the PropertyGuru website helps both residential property for rent and commercial property for rent hunters via their dedicated rental pages.

Within this page, the property hunters are able to search for properties within their preferred area and budget, and even narrow the search by built-up area, number of bedrooms or bathrooms, tenure, furnishing and age of listing.

The other thing things that a renter should consider are:

1. Location

A residential property renter should always find a location which they are comfortable with, and if possible one that they are familiar with.

As renting a property offers much more flexibility than if one were to purchase a property, renters should always be comfortable with their location.

Commercial property renters should always take into account the surrounding location of their selected business premise - especially if it is a business that depends on high traffic.

2. Size

The size of the unit chosen is highly dependent on the tenant.

Residential unit property hunters should always take into consideration whether they are a single tenant or a family when taking into account the size of the unit.

Single tenants may not want to rent an entire unit as it may not be very cost effective, while families will need bigger units to suit their family.

Commercial unit property hunters will also need to take into account the amount of space their business will need, whether they will need storage or just a small space to run their business from.

3. Facilities

Residential unit property hunters should always take into account the facilities in their area.

For families, they should take into account things like the preschools and schools around their area, which working adults should consider the proximity of the rental home to their workplace.

Other items which should be taken into account are the conveniences of the area, whether there are religious facilities nearby that may be a cause of traffic congestion during festive seasons, or perhaps shopping malls or convenience stores nearby for everyday shopping.

4. Safety

The safety of an area is one of the most important factors to take into account. This is especially true for single tenants or single females in landed non gated and guarded communities.

5. Prestige

The prestige of an area or selected unit may be important for some, especially higher ranking personnel.

For example, on the hind chance that a manager decides to invite colleagues over to his place, his living in an area of prestige will present a better image.

6. Lease Term

The lease term of a rented property is very important. If possible, residential unit renters should try to get shorter lease terms in case they need to move out quickly.

Commercial unit renters will however enjoy both pros and cons of a longer or shorter lease term.

A longer lease term for commercial unit renters will mean that their monthly rental stays the same for longer, while a shorter term means they will get out of a contract quicker and will be able to renegotiate new terms.


Call Up The Agents

As soon as renters identify their potential properties for rent, they should immediately begin calling up the property agents to set up appointments.

This is especially true for the hot units in the market, which can be snapped up very quickly.

A simple way to identify whether the unit is a decent one, the property renter can simply ask the property agent how long has the unit been in the market.

If it has been in the market for a long time, the property renter should start probing as to why it has been in the market for so long. Perhaps there might be an issue with the unit?

To find trusted and specialised agents, renters can also visit the PropertyGuru Agent Page. Via this page, renters will be able to search for state-specialised agents.


Arrange For Viewing Appointments

After searching and making your appointments, it is good to print out your list of criteria to bring with you when viewing a property.

The list will help clear your mind, as often after viewing numerous properties, your priorities may become slightly skewed.

The list will help you keep your priorities straight, and ensure that the property is a good match.

A few questions you should ask your property agent are as below:

  • What is included in the rent?
  • Will there be additional bills? If yes, approximately how much will they cost. If you are sharing a unit, how will the bill be split?
  • How much deposit is required, and how will my deposit be secured?
  • What is the duration of the contract?
  • Are pets allowed?
  • Is there any parking lot included in the rental?

If you are renting a commercial property, below are some additional questions to ask:

  • Will I need to pay any fees to set up the Tenancy Agreement?
  • Is it a fixed term tenancy or a periodic tenancy?
  • Will the unit be furnished? If yes, will it be partially or fully furnished?

And if the unit comes with electrical appliances, a good practice is to check their workability. This is to avoid future misunderstandings if the item was already malfunctioning before you moved in.

Also run the taps and showers to check their water pressure.

If you are a business premise renter, make sure you read our next guide on Tenancy Agreement. Otherwise, read your responsibilities as a tenant here.


Source: https://www.your-move.co.uk/rent/guides/searching-for-rental-property#rental

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