Considerations before buying a condo for investment
Currently, renting a condo is a way of investing that is become increasingly popular. This is because an investment has the added benefit of providing an opportunity for return. When buying a condo for investment, you need to be aware of what is involved to ensure this is the right decision for you.
What to know before choosing to buy a condo for rent and how to make the renting process quicker is outlined below to assist you with your decision.
Good location, you’re about half way through the success
Location is one of the first things that must be considered as knowing the local area is important for the buyer and the renter. the surrounding area to identify if there are any houses for rent nearby. Having other there are only condos available, this increases the likelihood that our condos will be rented. In addition, a good location means that the condo will not be far from local amenities such as: shopping malls, educational institutions, hospitals and should be located in close proximity to a main road. The building itself should include high floor rooms and beautiful views as this will increase the likelihood of the condo being rented.
Have a standard security system
Safety is something that cannot be ignored. Therefore, surveillance cameras should be in operation throughout the building with key card access required. Fire regulations should be adhered to and a fire escape and plans should be clearly displayed throughout the building.
Set a reasonable price
Setting the rental price is very important when renting a condo as it enables us to know how much return on investment will be expected. The local rental market should be closely surveyed for similar properties before identifying an estimated price for our own condo. The rental price needs to be appropriate for all parties being the investor to make a return and the renter being able to afford the cost.
In addition, if loans have been taken out to buy a condo monthly repayments should be considered when setting the rent price. The rent price should be considered as a payments slightly above the of at a similar price to that of the bank repayments, allows for a comfortable installment, or even making a profit.
Make the room attractive
The decoration of the condo is another thing that should not be overlooked. When a condo is beautifully decorated, it will attract tenants quicker and may also increase the rent price too.
Tips for decorating the condo are as follows:
- Paint the room as it is easier to maintain than wallpaper
- Floating furniture is good option being easily moveable and being relatively cheap compared with built-in furniture
- Blackout or (UV blocking curtains) as this reduces sleep disturbances and block UV
- A few picture frames, flowers or mirrors can be added to room as this makes the room more appealing and inviting
Don’t overlook the parking lot
The parking lot is another important selling point of the condo, often overlooked. Even if a condo is close to public transport a benefit for many renters is having access to a secure parking.
Should I invest?
We know that many investors will have investment goals therefore, it is important to estimate the return before investing. Investors should assess the costs of maintaining the condo, for example fees paid per year and water-electricity meter insurance in order to calculate the overall return expected. It is also important to keep in mind rent that is too high can make it difficult to find tenants and might lead to the loss of income for a period of time. You should remember that “Every investment has risks and before deciding to invest you should study the information carefully.”
For anyone interested in Hua-Hin Condo Investment My Style Hua-Hin 102, new condo Hua-Hin is ready to move in. It is an excellent condo to consider for investment because of its excellent location close to: department stores, educational institutions, hospitals and only 800 meters from the main road. The condo also comes with complete facilities; including a car park, communal swimming pool with jet spa and fitness suite.
