Buying a property to rent out is something that can prove to be a very sound and stable investment, as it can provide you with a long term income. Many people have now decided that rental property investment is an excellent choice when it comes to making money over the long term but in order to enjoy success it is important to choose the right property and know the features of a profitable house for rent.
Whether you are a first time investor or whether you have a portfolio of properties that you plan to rent out, you will be able to benefit from being able to identify the key features to look for. This will enable you to purchase an investment property that is likely to retain tenants and will continue to earn you rental income year after year.
Some of the features to look for
There are a number of different features to look for if you want to ensure you purchase a profitable house for rent. Some of these include:
- The area that the property is in: If you want to buy a profitable house for rent, you should look for a house in a good area where people will want to live. This will also have an impact on the type of tenants that you get for your property as well as how long they are likely to remain in there.
- Local amenities: It is always a good idea to look for a property that has plenty of local amenities that tenants are likely to be looking for. This includes amenities such as shops, schools, medical facilities and even entertainment venues. This can also have an impact on the amount of rent you charge on your property.
- The condition of the property: Unless you are willing to spend some money on getting the property up to scratch, you should look for a house that is in a decent condition and which can be brought up to standard with ease and minimal cost. This will save you money on the initial investment and means that tenants won’t be leaving because of problems with the property.
- Employment opportunities: Looking for a house in an area with rising employment opportunities can also be beneficial, as this will help to attract more people to the area, which in turn means that you will have a better chance of renting out your property.
These are just some of the features that you should look for if you want to ensure you buy a house that can be easily rented.
To speak to a property expert about buying a property for rent, get in touch with the specialist team at Granger Clark.
