Possibly the most important aspect when it comes to building, buying and renting property as Tim Manning NZ knows. The locations are everything. It determines what type of people you may have renting your property. This is all based on schools, safety, traffic. For example, if you were to buy property near a university, you’ll be attracting students as tenants. This is both good and bad for property owners. You’ll have no problem finding tenants, however they may come and go on a more regular basis so not particularly great if you’re wanting long term tenants. In saying that, not every renter near a university would be a student. It’s just important to take all of these things into account.
As well as universities, primary and secondary schools are an important part of how valuable your property is. If you are in range for a school with a good reputation that can really effect how you price your house.
Also take into consideration how close you are to amenities and what there is available in the area. Things like shopping centres, parks, gyms, malls can all be handy to have not too far from the property.
This will determine whether it’s worth renting your property as some taxes can be more than you’d think. Find out about home owner’s tax in the area and talk to home owners in the area.
Choosing to rent out a property in an area where the job market is increasing will benefit you greatly. This will attract people to the area.
Check whether the neighborhood has any current or projected parks, shopping centres, gyms, schools, restaurants and whether there is an easy access to public transport and other such perks.
Insurance is another expense that you will have to subtract from your returns, so it is good to know just how much you will need to carry. If an area is prone to earthquakes or flooding, paying for the extra insurance can eat away at your rental income.