Real estate is one of the primary investment choices for new investors. With the scope of this industry, everyone wants to gain profits at lower risk, but not everyone is able to do it. Investors with a good amount of knowledge about the industry or experts to give professional property investment advice are able to make it work.
We have seen many new investors ask numerous questions about property investment, and we are here to answer some of those questions for you.
1. Do I Need an Agent to Rent Out My Property?
The simple answer to this question is No, you don’t need an agent.
However, the process is not as simple. It might seem like a less expensive way to rent out your property because you won’t have to pay any agent, but it takes a lot of effort instead. You will need to advertise your property, book inspections, complete condition reports, screen applications, manage the leasing, manage disputes with the tenants, address maintenance issues, etc., on your own.
You can definitely rent out your property on your own, but it is better to hire an experienced agent and save yourself from all this trouble.
2. How Much Does Renting Out a Property Cost?
If you are looking to rent out your property, be it a house or a shop, there will be some costs that you will have to bear. Mortgage fees, insurance, repair and maintenance costs of the property, property management fees, accountancy fees, and advertising fees are some of the expenses that you will need to bear as the owner. The exact amount depends on the type of property you own and the location. Your real estate agent can help you estimate the cost.
3. How Can I Enhance My Property’s Value?
There are a few ways you can increase the value of your property. Painting the walls, changing doors and windows, tidying up the garden, updating the kitchen and bathroom, refreshing the flooring, and adding new features to the place, like air conditioning, are some things that can help you enhance your place so you can receive better rent.
4. How Long Will It Take to Find a Tenant?
There’s no definite answer about how long it will take to find a tenant because it depends on the type of property you own and the demand. However, if you work with a professional and well-connected real estate agent, you can ensure that you find the right tenant as soon as possible. Your real estate agent will make sure that your property is seen in the best light and gets as many tenants as possible so you can pick the right one.
5. What do Property Managers do?
Property managers are needed to set the right price for your property. They are also responsible for solving any disputes that may arise in the future. They retain the day-to-day maintenance of the property and keep accurate financial records. They are also experienced enough to choose the right tenant for you.
If you want professional property investment advice from real estate experts, reach out to New Property Specialists. They are experienced property managers who can help you find the right property to invest in.