Real Estate

5 Signs of a Profitable Property

Written by TasHiIT Editor

Property has been and will be one of the best investments that can be made, if done right. Buying up property and then renting it out to the right people is a sure way to make some money and do it fast. However, there is a lot that needs to be done before you can be a pro at investing in property, no matter where you are. One way to help yourself out if you are in the Queensland area is to get a company or an individual to give you the best property investment advice Brisbane and places like the Gold Coast can offer.

Without professional help, this is going to be quite a scary task, especially if this is your first time. It is no easy thing, owning property. There are a lot of pitfalls in this field, so you need to invest smartly and carefully. Here are 5 things you really should think about when you get into the market for a profitable property:

Start on your own

You might think that hiring a real estate agent is the best way to find the right property for you and help you through the process of purchasing it. Our advice is that you don’t hire one until the last possible moment. Start the search for the best property on your own. Hiring a real estate agent can cause you to have unwanted costs, as well as putting you under pressure to buy a property that you might regret buying later. You need to have the peace of mind to make the right decisions. This is why you need to get advisers to give you the right tips. These people don’t put you under the same pressure that a real estate agent would.

Once you do get a property, the issue of management will arise. Try to decide on management before you buy a property. There are two options open to you here. You could choose to actively manage the property on your own, which means that you will be taking care of business personally. If this is the case, you will need to look for property that is in a certain radius from where you live in order to effectively manage it. However, if you choose to get a company to do the work for you, you can get a property further away. Here are 5 signs that your property is the right one:

Quality of life

The neighbourhood in which your prospective property is will be a huge factor in the types of people you attract to rent it out. For example, if you get a place for a low price in a neighbourhood notorious for violent crimes, the chances are that your property is going to become a crack house, or just a regular crime scene. If your place is near a university, your clientele will be a lot of rent-sharing students.

Property tax

You need to make sure that you know how much you will be paying in the form of taxes. These are usually imposed as a percentage of the rent, and they also depend on things like the location and size of the property. If you have chosen a neighbourhood that has a history of long-term tenants, high taxes won’t be a bad deal. However, try to find a place that has great quality of life for a smaller amount of tax.

Proximity to schools

Most tenants looking for a new place either have, or are going to have children. This means that they will be looking for a place that is a good familial environment. One of the main things they will look for is how close the nearest good school is. When looking for a property make sure that you check out how close it is to schools in the area. Be sure to take a look at the reputation and the quality of the school as well, for maximum rent profitability.

Crime rates

Look at the crime statistics in the area the property is. You don’t want a place that is a hotbed for criminal activity. No one will want to live next door to a brothel. Talk to the local police department and to the neighbours for an insight into the crime in the area.

 

The job market

More people are attracted to places that have job opportunities everywhere. If you want to know the rating for employment opportunities, go to the Department of Employment website and check it out for your area, or at the local library. Similarly, check if there are any large companies in the area that are hiring.

 

About the author

TasHiIT Editor