If you are choosing a house purely to rent out and make money out of, here are some tips to help you choose the right property.
The most important thing to look at is your location and thinking about what type of tenants you are looking for:
If you are hoping to make money purely from tourists then perhaps you want to be close to the beach and walking distance to nice restaurants and bars. Are you looking to be near the golf course to attract golf players coming on their golfing holidays.
If you are wanting year round tenants then if you want to rent to a family you should look that schools are nearby. Look at what amenities are nearby, is there shops, bus routes and parks? What do you have than will attract people to want to live in your home?
The main thing perhaps you want to know is how much money you can make so look at what other rentals in the area are going for, does your realtor know how much money you can expect to make?
Be sure to take into consideration taxes and what tax you will need to pay for making money on renting your house.
Can you afford to get by if the property is not on rent? Remember no property will guarantee 100% occupied all year so you will have to be sure you will be OK during the months it is sat empty. Are their times you will want to use it yourself?
The main thing is you will want to be financially stable yourself before starting buying more properties, you want something to bring you some nice extra cash rather than something to try and desperately make money.
I hope you liked this post and be sure to keep up to date with our blog for all the latest news. To book an appointment or for more information on our properties contact us now.
