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Getting The Best Rental Property

Advice on Real Estate, Blog / Feb. 10th, 2019

Every investor intends to get great deals on their real estate properties, isn’t it? So, whether you’re just starting or you’ve been in the game for a while, the main goal remains the game.

Now, while it’s expected that a real estate expert should know the factors surrounding what makes a real estate investment a good one, some beginners might not. However, it’s not still a bad idea to go back to the manual, is it?

In real estate, it is quite essential to know how to get the best rental property. This way, you don’t run a loss on your investment.

So, what are the things to look out for when getting a property for rent?

  • Location! Location!! Location!!!

Where a property is located is a crucial factor to put into consideration when looking for a property to rent. Why? Well, the location has a role to play when it comes to the profit you’ll make from your purchase; since it tells the value of such property.

For example, the value and type of property in Ikoyi will be way different from a property in Yaba. This is because the location of the properties has a significant effect on their potential values. The fact that one is on the Island while the other is on the mainland also affects the price.

Additionally, the location of a property also helps you determine how much you would be charging for tenancy. You don’t want to have an empty property just because you’re overcharging compared to other properties in that area, do you?

Even more, you need also to consider the security of the property’s location. If it’s located in an area with a high crime rate, then there will be a low chance of people patronizing you. Nobody wants to rent a house where they would have to be sleeping with one eye open.

Now, while location can mar the value of a property, it can also make you smile to the bank. Imagine having a house for rent in a residential area for students; this means you’ll get a frequent request for tenancy, which invariably means more income.

  • Determine The Appropriate Structures

So, you now see the importance of location when getting a rental property, that’s just the beginning! You need to get the right structure in place.

You probably already have in mind the kind of tenants you want. The next thing is to find the appropriate structure for them.

For instance, if your preferred tenants are students, then it’s only reasonable to make the apartments single rooms or double. If you want to look at it in another way; maybe you need to go for a family-sized structure that would be spacious enough for a family as a tenant.

Another thing to consider side-by-side with the structure of your property is the kind of properties in its surroundings. Is there a church, mosque, or school? You need to factor that in when looking for a rental property.

  • Accessibility To Social Amenities

One other thing that you must not leave out if you want to get the best rental property is how easy it is to access essential social amenities in that area. The property you would want to go for should be one with easy access to good water and smooth road network; these will encourage potential clients.

That’s not all! You also need to know if there are hospitals or schools around that area as well.

To Wrap It Up

Buying a property in Lagos, or anywhere else, is a long-term investment. Hence, the golden rule is to be patient and thorough.

To be on the safe side, you can contact a real estate agent to put you through. Berklyproperties.com does not only get you access to numerous properties for rent but also guides you through the entire process.

Now, you’re ready for that bold step. Go get that property!

1 comment

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