Investors Ask: Getting tenants?
Q. I’ve been looking for a property for a while but I struggle to convince myself they’re good investments. How can I make sure that the property is going to be tenanted?
A. You need to ask yourself, “what constitutes a ‘good’ investment?”. You should firstly concentrate on buying in an area with good infrastructure, diverse employment, population growth and high demand for rental properties.
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Secondly, you need to find out what type of property and what features in that property purchasers and prospective tenants are seeking – classic marketing, working backwards from your target market’s needs.
Thirdly, you need to do your research on current property values and current rental demand.
There are no guarantees in the world of property investment, other than the fact that if you don’t do anything, nothing will happen. If your chosen property ticks all of the boxes above, be confident that your property will be quickly tenanted, providing you are not greedy with the asking rent.
You may also find a property that is already tenanted, but ascertain whether the lease is expired and be careful to determine that the existing rent is current market value. To further cover your risks, ensure you take out comprehensive landlord insurance to cover any potential damage or loss of rent.
Be reassured by employing an expert in property for the peace of mind that will allow you to move forward towards your goal of property ownership and financial freedom.
Rich Harvey, Director, Propertybuyer
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