How to Choose A Rental Property
How to Choose A Rental Property
If you are not yet part of the real estate industry, it’s high time you should delve into this kind of business. Yes, they need a good amount of money, but then again, it will surely generate financial freedom in your later years. Check out Bandar Mahkota Cheras to know more about this project. So, the sacrifices you will endure today will be heavily compensated later on. A property like PV 10 Platinum Lake would also be a good option as well.
The good thing when you have a rental property is the property will only incur maintenance when it is earning. And it is easy to see that the number of people who are looking for a rental property is more than the available units. It goes without saying that once you have your rental property, it is most unlikely that it won’t earn, though is to properly choose a rental property in Malaysia. Yes, there are so many renters, but that is only if your property is in the right location and so on. Are you confident that you can make a good choice? If not, the following tips might come in handy:
Most of the time, the reason one is leaving their abode and will decide to rent, even with the fact that they need to spend money every month is to be near their workplace. Thus, it goes without saying that they will be staying their for long. One can be with his family or alone, like if he is a bachelor. However, even if he is a bachelor, the first thing he should consider is his safety, which is if the neighborhood is safe for him, especially when he comes home at night. If you are buying a property in Malaysia amidst a chaotic neighborhood, chances are you might not easily find a tenant.
You might be looking for locations where taxes are low. Yes, this varies to the location of the property. Your intention might be correct as it can really be a burden to some to pay high taxes for your property, but then again, you also have to weigh the returns. There are areas that might yield high taxes, but your property can also earn a lot. At the same time, there are also areas that still incur high taxes, but the chance of getting a high-paying tenant is low. In short, you have to your research well, especially that in Malaysia, there are so many properties to choose from.
If you are targeting families, your property should be near different schools. Like for example, if your property is not for bachelors only, like it has 2 to 3 rooms, then be sure that a school is just nearby like at least a single ride away. Parents don’t want to scram every morning just to make sure that their kids won’t be punished for being late. Always consider that traffic is bad in almost every area these days. In fact, traffic is also bad in rural areas nowadays. Properties such as Aster Court and Pelangi Damansara are nearby schools.
Nobody will want to live in an area that is know to be the home of different criminals or those people who are known to cause trouble. Before buying, it is best to check the neighborhood and ask around. When the place is known to be chaotic, you should hear it easily even with a simple digging. You can also get information if you check some of the corresponding agencies.
There will be times when the tenant will still look for a job or will find a job before looking for a rental property near his workplace. Thus, it is an add-on if your rental property is near many opportunities like job vacancies and so on. You can easily target the employees working in the offices near your place. In this aspect, you can check the local library as to find which area has more job opportunities and if there are rental property available there. You have to be ready though as most of the time, properties in such areas are expensive.
Before finalizing everything, it is best to make a tour of the area where you plan to buy your first rental property in Malaysia. Check out if there are restaurants, shopping malls, markets and so on. Things like these will surely matter to your tenant. This is in addition to the schools mentioned above. You can also check the city hall in that area as for sure, they have promotional literature that you can refer to.
Listings of vacancies
If you hear that such area has an unusual high list of vacancies, it might not be a good idea to invest there. This could mean that most of the companies hire people in a seasonal basis. That means as well that there is a good chance a landlord will have to lower the rate at some point or he will have to deal with no tenant at all. Take a look at Berjaya Times Square Serviced Apartment property and Palazio to know more about the properties available in Malaysia.
There is also something you should check. Even if the place is not yet that crowded, yet there are future development already posted, this is still a good place to invest a property rental as soon, that place will be flocking with applicants and for sure, if they are hired, they will look for a place to stay.
You surely want to know how much is the average rent in the area where you are going to buy your first rental property. See to it that the property you plan to buy can really keep up with your monthly mortgage as well and it will not come out from pocket.
Thus, you can’t tell for sure if a calamity will strike in that area. However, as you will be the one to cover your property, it is still worth checking is such area is prone to disasters. While this is a natural calamity, there are still areas that are really known to receive the wrath of nature more often than the others. So, while you are still not committed to such areas, you better do some work and dig more about your prospect areas.
Looking for a rental property in Malaysia does not need you to move an inch. There are so many options you can check and most of the time, they are listed online. A lot of sites cover this, so it won’t be easy to find.
It might not be one of the top countries when it comes to economy, but this is one of the few countries in which economy is quite stable for many years now. Not only that, it is constantly harboring a good number of tourists from the different parts of the world. It is quite apt in this country to start with. You won’t have a hard time looking for a tenant for sure as you only need to post your property online and for sure, you will hear a lot of calls in just a short while. Thus, you should contact Edgeprop.my for all your property needs.
A rental property is indeed one of the best ways to secure your future financially. It might not be easy to own one because of its price, but the returns will really compensate your struggles for sure.