BONSERNEWS.com – Property is a profitable investment considering that its value continues to rise, no wonder many people are competing to own property and then rent it out to secure future wealth. However, you also need to ensure that the property in question will generate cash in both the short and long term.
Many factors need to be considered before buying a house to live in, renting it out to someone else or reselling it. For this reason, you shouldn’t make a hasty decision when buying a property.
Reporting from various sources, the following is choosing the right property to be able to achieve maximum benefits in the future.
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1. Choose a strategic location
If you intend to buy a residence to rent out or resell it, choose one that is strategically located, which is close to public facilities such as stations, toll roads, markets, schools and universities will always be in demand, because property buyers or tenants will consider many aspects before they choose it. .
A strategic location can increase the selling price in the future. Also make sure that you choose a neighborhood with a low crime rate, as crime-prone neighborhoods can lower property values in the future.
2. Consider all costs
If you are buying a property to rent out, you will most likely need to prepare for maintenance costs which are a bit more expensive because you cannot continuously monitor what tenants are doing to your property.
For this reason, make sure that you rent out the property to the right and responsible person so that you don’t lose out if things go wrong.
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3. Look at the sales competition
Before buying a property you need to do a little research about property sales in the area around which you are going to buy. If there are a lot of properties for sale in that location, this could mean that demand in the area is low, this will make it difficult for you to resell, because potential buyers still have many other property options around the area.