Business
Here Are the Factors to Consider When Choosing a Rental Property
There’s no point owning a rental property if no one wants to rent it. Before you buy an investment property, you need to do your research to make sure any property you buy will be easy to rent out at a rate that will cover your mortgage payments and other expenses, including taxes, insurance, repairs, and maintenance.
But just how do you make sure you’re buying a good rental property? To some extent, you have to consider the same things as when you’re buying a house or apartment for your primary residence. Location, property taxes, cost to insure, and proximity to good schools are all important. However, you also have to consider the potential a property brings for unexpected expenses and whether the average rent you could expect to get is enough to cover your expenses.
Location
Location is always a top concern when it comes to buying real estate, and no less so when the real estate in question is to be a rental property. If no one wants to live in the area where your rental property is, then you’ll have a hard time finding and keeping tenants.
You should look at rental properties located in desirable neighborhoods and near amenities, like public transportation, restaurants, movie theaters, bars, and gyms. If you want to rent to young families, look for a property in a good school district. Look at properties located in safe, low-crime areas. Remember that the location of your rental property can also influence the types of tenants you get. If you buy a property near a university, for example, you’re going to get a lot of students and that might mean having more vacancies in the summer. Before you start shopping for properties, do your research on the best places to invest in real estate in southern California or wherever you want to own property.
Cost to Insure
Your tenants’ renters insurance will cover their belongings, but you need landlord insurance to protect the building itself. The cost will be higher if you live in an area prone to natural disasters.
Decide what level of coverage you want – do you want a lower deductible but a higher premium, or are you comfortable paying a smaller premium and a larger deductible should something happen? Research whether the area in which you’re interested in buying is prone to floods, hurricanes, earthquakes, mudslides, sinkholes, tornadoes, or other natural disasters before you decide to buy there. The cost of insurance can easily eat away your rental profits.
Property Taxes
Higher property taxes will eat up more of your profits, but often property taxes are higher in a given area because the area is more desirable for renters. Areas with lower property taxes are often more rural or more run-down. In some municipalities, you have to pay higher property taxes on an investment property than you would on a primary residence. Call the local tax assessor to determine if this is the case when adding up the impact of potential property taxes on your profits.
Average Rent
The average rent in an area determines how much you can expect to make from your rental property. Remember, you should follow the one percent rule: you should be able to get one percent of the purchase price in rent each month. So, if you paid $200,000 for a piece of property, you should be able to command $2,000 in rent. In some areas, rents might be higher than that. If average rents are lower than one percent, it may not be worth it to buy in the area.
Condition of the Property
If a property is going to need a lot of work before it can be rented out, it might not be worth it. All that time you spend renovating the property is time you can’t collect rent from it. Of course, if you can afford to wait a few months to collect rent and you think you can significantly improve the value of the property by improving it, it might be worth it.
Potential Unexpected Expenses
Before you buy a rental property, add up how much it would cost to perform large, unexpected repairs. For example, how much will it cost to replace the roof? What about the HVAC system, or the water heater? You never know when repairs like these will come up, and you’re going to need cash reserves to handle them in a timely fashion if they do.
You shouldn’t rush into buying a rental property. Consider the investment carefully, so you won’t regret buying the wrong property later.
Khalil ur Rehman is a proud born and raised in Abbottabad. Khalil has worked as a journalist for nearly a decade having contributed to several large publications including the Yahoo News and The Verge. As a journalist for The Hear Up, Khalil covers climate and science news. [email protected]
A new season is arriving and as always, we always want to look our best and for that, we will always be looking for something to achieve that. And of course, shapewear will always come to help us achieve our goals.
There are many shapewear styles that you can get that will bring you so many different benefits. For example, butt lifter straps, will not only give you a confidence boost but also give your butt a lift and make you look amazing.
But these are our four favorite shapewear that we believe you should add to your list to get for the new season. We know you’ll love them and enjoy them and all of their benefits.
If you are looking for a better posture, then you’ll probably want to wear a full body shaper. But that’s not the only benefit you can get from it. You’ll also get an amazing new hourglass figure and all your problem areas will be hidden showing only smooth lines.
The first one on our list is the Backless Thong Bodysuit. This bodysuit tucks your tummy and lifts your bust while also being extremely versatile. Perfect to wear under your glamorous gowns or going around your favorite cities.
It is backless, and the straps will let you adjust them to your liking. The crotch area has adjustable 3 rows of hook and eyes closures. The abdomen area has a double-layered mesh that strengthens tummy control. It can be perfectly paired with backless dresses, all types of clothing, any other outwear, dates, cocktails, partying, or even under your wedding dress.
Then, there are the adjustable Straps Tummy Control Thong Bodysuit. This one features a simple V-neckline with a lovely backless design. It has adjustable straps and a lovely figure-hugging fit. You can perfectly wear it under your outfits for the weekend and can be teamed with strappy heels and high-waist denim.
It has an elastic mesh in the bust area, which makes it perfect for different bust sizes. The hooks on the crotch area are very convenient to use when going to the toilet. And finally, the inner layers have moisture-wicking fabric that is not only comfortable but also breathable.
Next, the All Day Every Day Slimming Bodysuit is another of our favorites. This lovely bodysuit is light and breathable. It has adjustable straps that will give flexibility for different body types. It has an overlap gusset that is easy to put on and off if you need to go to the bathroom.
You won’t have to worry about panty lines as they will be invisible under your clothes, and your body will look sleek and smooth. Its 360º shaping power will target your waist, thighs, and belly while flattening your stomach and creating sleek lines. It is ideal not only to wear it in your daily life but also for special occasions.
And finally, we have the High Waisted Seamless Body Shaper. This one will work amazingly great with dresses, slim-cut jeans and also form-fitting tops. Also perfect for those who want to show off their hourglass figures. It’s definitively a must-have for everyone that wants to get amazing curves and smoother lines.
It has a seamless design, so it can be invisible under your outfits. It will smooth and control your thighs and belly. It also has an open gusset so you can easily go to the bathroom. It’s soft, comfortable and breathable, and skin-friendly while providing a seamless but highly elastic shape. It will enhance the shape of your buttocks in a 360º way, giving you sexy curves.
And finally, if you want to get a smaller waist in the long term, you can always wear a plus size waist trainer. The waist trainer will give you also a smoother figure and a smaller waist while it helps you lose some weight during the process.
Umar Nisar was born and raised in the busy city of Abbottabad. As a journalist, Umar Nisar has contributed to many online publications including PAK Today and the Huffing Post. In regards to academics, Umar Nisar earned a degree in business from the Abbottabad UST, Havelian. Umar Nisar follows the money and covers all aspects of emerging tech here at The Hear Up.
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