7 Tips for Choosing the Right Residential Rental Property

It’s natural for you to seek the assistance of an expert real estate agent in your pursuit of the right rental property. An expert real estate agent can be a guide and keep you from developing pressure unnecessarily when it comes to finding a property that you may invest in. Once you’ve identified an investing range for your preferred neighborhoods like Virginia Water, you may take a neutral approach while checking out houses for sale in Virginia Water.

You may set your investing range only after determining if you’d like to manage the property on your own or if you’d like to hire someone for managing the property.

Few important things to consider while searching for the right rental property:

  1. Neighborhood. The rate of vacating a property and the types of tenants that get drawn to it are affected by the quality of life in the neighborhood. Chances of obtaining a few good students as tenants are likely to be higher when you consider buying a property near a college or university. The rate of vacancy is also much higher as the new students seek admission and the old ones pass out.
  2. Amenities. Look out for neighborhoods that have movie theatres, gyms, public transport, shopping malls, and parks. Look out for promotional stuff in order to get an idea on where you’ll find the best mix of private property and public amenities.
  3. Job Market. More people are attracted to areas that create additional employment opportunities. The Bureau of Labor Statistics in the U.S. can provide you with more insight into the rates pertaining to your preferred location. Workers are bound to flock to that location when a leading company moves into it. Areas like the Wentworth Estate that create extra employment opportunities are likely to draw property buyers towards the most attractive houses for sale in Wentworth Estate.
  4. Crime. No one chooses to be a part of a neighborhood that’s known for criminal activities. While comparing various neighborhoods, you must check out the stats pertaining to crime by consulting the public library or the police headquarters of that area. The most important statistics that you ought to check out include petty crimes, serious crimes, recent activities, and the rates of vandalism. You may even wish to check the presence of police within the neighborhood.
  5. Property Taxes. You can’t expect the property taxes to be even throughout a particular area. You may either discuss the taxes with the homeowners within your chosen neighborhood or may seek the tax information from the assessment office. You must also consider the prospect of property tax hikes in the near future. A town that’s undergoing financial hardships may raise taxes beyond the amount of rent that seems realistic.
  6. Rents. You must inquire about the rent that you can charge within your chosen neighborhood. You may need to wait for the right tenants if your rental income doesn’t prove to be adequate for meeting your taxes, mortgage payment, and other associated expenses. You’ll need to do a detailed research on the area just to get a hint of how it’s going to develop in the coming years.
  7. Natural Disasters. The insurance premium is an additional expense that you need to ascertain and deduct from your returns. You must determine in advance how much coverage you ought to carry for restricting all of your risks. For instance, you might have to shed more of your rental income when the neighborhood is prone to flooding or earthquake.

Talk to all homeowners and renters that you find within the neighborhood.  Renters are more likely to be honest about revealing truths about a certain neighborhood. After all, renters don’t have any vested interest in the area. Try checking the same place at different times of the day just to catch your neighbors doing their household chores.