Check out Top 7 Features of a Profitable Rental Property
The neighborhood in which you buy will determine the types of tenants you attract and your vacancy rate. If you buy near a university, chances are that students will dominate your pool of potential tenants and you could struggle to fill vacancies every summer.
No one wants to live next door to a hot spot of criminal activity. The local police or public library should have accurate crime statistics for neighborhoods. Check the rates for vandalism, and for serious and petty crimes, and don’t forget to note if criminal activity is on the rise or declining.
3. Job Market
Locations with growing employment opportunities attract more tenants. To find out how a specific area rates for job availability, If you see an announcement about a major company moving to the area, you can be sure that workers in search of a place to live will flock there. This may cause housing prices to go up or down, depending on the type of business involved.
Tour the neighborhood and check out the parks, restaurants, gyms, movie theaters, public transportation links, and all the other perks that attract renters.
5. Future Development
The municipal planning department will have information on developments or plans that have already been zoned into the area. If there is a lot of construction going on, it is probably a good growth area.
6. Number of Listings and Vacancies
If a neighborhood has an unusually high number of listings, it may signal a seasonal cycle or a neighborhood in decline—you need to find out which it is. In either case, high vacancy rates force landlords to lower rents to attract tenants.
7. Flood Prone Areas.
Areas susceptible to floods had relatively lower rental property values, this can be as a result of poor drainage system, bad or damage roads, areas linked to a dam or stream e.t.c.
We Sell , Rent , Lease , Develop and Manage Properties in Lagos and Abuja
For more information and Real Estate Call or Chat 08154029096
Office: Suite C3 , YOB Shopping Complex, Ologolo Lekki Lagos