What To Know When Purchasing Your First Rental Property

If one is planning on making their first big investment in property they would first contemplate between purchasing a house and an apartment. In the current market it is advisable for an initial investor to invest in apartments rather than houses. But while apartments may appear an affordable entry point into the property market for the novices’ one should be aware that there are many significant factors to consider before purchasing your first rental property. Thus, this article will explore some of these significant or critical factors that one should be aware of.

Research

Prior to even short listing apartments one should first do their homework. The first step would be to talk your financial adviser to determine how much you can afford to spend on this property. Furthermore, you need to be aware of apartments that are in demand or are going to be in demand, in different areas. Thus, in order to obtain this information one would need to talk to property managers, buyer agents and peruse through rental advertisements to determine what type of apartments are desirable within the property market

Location

This is a key factor in making your decision because apartments located in close proximity to public transport, restaurants, shopping malls and school would continue to add value to your property in the years to come. Therefore, even if the initial investment is steep one should aspire to purchase such an apartment. Kingsford waterbay floor plan pdf for an instance is situated in a central location in close proximity to a school, community center, shopping mall and local park.

Size

Ensure that you purchase a multi bedroom apartment because you can rent out the rooms to different tenants. This would allow you to earn more as opposed to renting the place for one tenant or even for one family. Therefore, ensure that there are at least three to four bedrooms along with a common area and bathrooms. kingsford waterbay balance unit for instance offers a variety of suits with varying number of bedrooms, bathrooms along with a living area, dining area and a yard.

Parking

One should always ensure to purchase an apartment that offers a closed up garage or a parking space because even though you may have to pay more for this facility you would be able to recuperate this amount by charging extra for this space.

With the help of the aforementioned tips you can ensure that you make a success of your first investment in the property market and that you earn your money’s worth.