By Michelle Lim on Jun 27, 2019 11:10:00 AM
The property market is a tough nut to crack these days, considering that there’re tons of new places (commercial and residential) popping up. It sometimes feels just a little bit overwhelming, a little bit scary, but that’s okay. (Just sounds scary only >_>)
Plus, with the ever-rising advancement of technology, it’s getting easier for landlords to get the word out. (Phew!)
Still, what exactly makes a house in-demand? What attracts tenants? Or, how easy is it for landlords to actually rent out a place? So many questions, so many answers. How do we know what’s effective and what’s not?
Soooo we did a little bit of research.
Is your property in a good location?
Like all of us, we have some things that we really love and can’t do without. I mean, imagine having no phone or Wi-Fi for weeks. Oof.
Tenants love easy accessibility. And connectivity. Especially public transport like LRT, KTM and MRT. The amount of people taking the public annually has been increasing. And according to the Land Public Transport Commission, around 1,200,000 people use public transport daily.
Imagine, 1.2 million people! That’s a lot.
At the very least, an Okay Neighbourhood pls
Location, location, location. The bread and butter of every successful landlord. Don’t buy a home in a sesat punya neighbourhood or like has tons of theft cases. It just makes your life harder.
Lots of things to do
From being able to take a jog in the park, to bowling and archery, to shopping - no one really likes to be bored at least. A wide variety of activities available opens the doors for great and maybe unexpected experiences.
Old VS New
If the place you’re planning to rent out is a second-hand home, make sure that you’ve checked it from top to bottom. Any missing pieces, cracks or damage that’s found after a tenant moves in will be a problem for you. Especially if it’s huge problems, like a combination of leaking pipes, cracks in the ceiling and pest infestation. If it’s like that, the tenant will have grounds to sue you.
However, if your rental home is recently bought and shiny new, you should be in good hands. Cause the house probably requires less maintenance and in better condition (yay!). Though do at least have a professional or two to look the place over first (just in case!).
Competitive Pricing - not too high, not too low
It’s always better to check out the prices of the properties around you. Especially those that's (almost) the same. Some landlords don’t do this and wonder why can’t they rent out their property. A little bit of research goes a looong way.
We really advise you to take a look at current property trends and state of the property market too to get a better idea of the whole picture. So that you know what to expect or things to look out for. Stuff like that.
Don’t be afraid to ask for advice. If you know someone who has been a landlord, or is a landlord, ask questions :) It probably seems scary but it’s okay to ask. Some strangers give really great advice (that works).
And it’s not just real estate professionals or current and former landlords. If it’s about the state of the house, or location and things like that, you can ask your family and friends. Fresh perspectives are great as they might see things that you’ve missed out on.