Buying a property for profit? This is how one can earn. Not only that you get an apartment which is and will be your property, you can also enrich your family budget. Make your rental easier - get ready and be inspired by our tips for the smooth running of the process.
Personal or cooperative ownership?
Before buying an investment property, consider not only the price, location and condition, but also the type of ownership. It is possible to rent cooperative flats as well as personal flats, however in most cases it is necessary to have the approval of the given cooperative. This may be a decisive factor - so always follow the type of property and if you look at a cooperative apartment, carefully read the statutes of the cooperative. You will be sure that you can rent the apartment at any time.
Old or new?
To make it easier to find a suitable tenant, it is always better to buy a new or already renovated apartment. These are in the viewfinder of the inquirers. Older apartments tend to be cheaper, but unfortunately the lower price does not take into account the future cost of upgrading the property to make it attractive to future tenants. Likewise, aesthetically attractive property is rented more advantageously to both parties than the flat in its original condition. This should also be considered before making a final decision.
Cash or financing?
Not everyone has free funds to purchase investment property. Financing can be one way to secure income and assets. Mortgage is a commitment for many years, but in the right calculations it can be paid by future tenants. Choose this option if you have sufficient financial reserves - to be able to cover the cost of an apartment in the event of a change of tenant or while the property is empty.
With or without equipment?
Some tenants prefer the facility, others do not. So how about it? It is ideal to negotiate individually with the inquirers. Everyone looking for a rental has different preferences. Feel free to include in your ad or broker information what your options are. Giving candidates a choice can be your plus.
With or without deposit?
When you decide to rent, be sure to protect your property. Without deposit it wouldn’t work. This is the only way to ensure that the tenant will try to behave properly and that you will be compensated in case of damage. The deposit should correspond to the condition of the property and the equipment it contains. It is a reserve that serves not only for property damage. It will also help if the tenant could not or would not pay the rent and service charges. And even the best and most reliable looking tenant can make a mistake - having enough money at hand is simply priceless. So forget about worries - give yes to passive earnings.