5 Things To Know Before Investing In Rental Properties

Renting out a property comes with its own pros and cons. One of the biggest worries, when you rent out a property, is that the tenants should take care of your property just like you would. But this doesn't happen always – so here are a few tips which you should consider when it comes to renting out your property

Choose the right tenants

Finding the right tenants who will maintain your home is a huge task. Before zeroing down your tenants, you need to meet them and talk to them about your expectations regarding the home. Even better, you can contact their previous owners and check if they maintained the property over there well. So yes, finding people who are ready to take care of your property and maintain it well is essential.

Chart out instructions

You can chart out a list of cleaning instructions which you can issue to your tenants. If you want the lawn to be curated, put it in! Carpet to be cleaned? List it up. You can put reasonable cleaning instructions in your list to make sure your tenants know what your expectations are and what cleaning standards have to be maintained.

Deposit

Taking a huge deposit is the best way to keep a tab on your tenant. You can easily cut out all the expenses incurred to repair the damaged parts of your home from the deposit amount. And if the deposit amount is huge, the tenants too will make an effort to meet the standards of cleanliness and other things expected out of them.

Take off all the expensive and flimsy stuff

Don't make life miserable for your tenants by keeping back all the costly and flimsy stuff back in the house. Let your rented home be full of stuff that's strong, durable and easy to care for. It gets difficult for the tenants to maintain a home that's delicate and so you too, have to take all the required care from your side.

Neighbours are the best spies

Of course, you won't be around to keep a check on the property always. But the neighbours will be! Keep in touch with the neighbours and request them to report to you if they find something wrong immediately. This is the best way to keep an eye on your property without actually being there.

Things to keep in mind while buying a new home

The day you decide to buy your own home is actually a dream come true. But actually finding your dream home? Well, that's a tough one! House hunting is not an easy task, but with the tips, we have for you, we're sure you'll be good to go. So here we are, with a few tips that will help you house hunt in a much better manner

1. Fix a budget

A budget is the first step you take before making any purchase – small or large. When you have your budget fixed, it's a lot easier to sort through homes. A budget is one of the first filters you need to check through. Also, having the budget in mind also helps you plan better financially – how much cash do you have in hand? How much will you have to borrow? All these things become a lot easier to gauge when you have your budget sorted.

2. A proper real estate agent

Finding a suitable real estate agent is one of the most primitive tasks you have to do. This is a task in itself! You need to look out for an experienced real estate agent who is well versed with the area in which you're looking out for a home. Also, ensure you have transparent dealings with your agent – it's best to have clear dealt since the beginning itself.

3. Facilities

When buying a home, don't just settle for the looks of the home. What use is a stunning home if it's in an isolated location? Look out for the basic facilities near the home –schools, hospitals, grocery shops these are the basic needs of which you require around your home. Don't compromise on these facilities at all.

4. Negotiate

You won't bag the deal you want if you don't negotiate! Try to negotiate and come down to the price of your choice. The prices of homes are already inflated, taking the bargaining aspect in mind. So if you want a perfect deal, ensure you bargain till you get one.  

5. Neighbours

You're going stay with these people around for the rest of your lives – so yes, you have to ensure that you check around with your neighbours too. If you find that they're something you can't put up with, look out for another home. Otherwise, if they're good enough, kudos! You've found the perfect home with great neighbours too!

Tips to choose a real estate agent

Looking out for a home is not an easy task – and most of us don't have the time and energy to hunt for a home, which is precisely where the real estate agents come into the picture. But when choosing a real estate agent, you need to be super careful. Here are a few things you need to check before you actually finalise your agent. Read on

1. Feedback

Client feedback is the most honest feedback you can ever get. Do if you know that the agent you wish to finalise has helped someone near you get home, make sure you talk to those people well before you zero down to this agent of your choice. Get a list of the past clientele of the agent and talk to a couple of them more too. This will help you get a better idea of the agent you're finalising.

2. License

You need to check for the agent's license and other certifications. Trusting an agent blindly may cost you a lot later. So a little question about licences and certifications won't do any harm to you! In fact, it will help you get a proper agent who is equipped with the skills and experience to do his job.

3. Experience matters

The more experienced, the better it is for you. And experienced realtor is in a position to understand your requirements well and find the perfect home for you. So yes, finding an agent with ample of experience to find a home you desire is essential.

4. Local agent

It's best you sign up for a local agent – one with whom you can easily communicate and convey your requirements. Also, it's a lot easier to keep a tab on a realtor who is nearby. Just make sure the realtor has pretty good knowledge about the real estate scenario in the area where you're looking out for a home.

5. Open and honest communication

Look out for a real estate agent who is transparent in his dealings. You require someone who is pretty straightforward about everything – right form his commission percentage to anything hidden about the home you need to know about. The agent has to be transparent in it all. Finding the perfect real estate agent is the first step you take towards finding the perfect home. So when finalising your agent, take all the due care and ask all the relevant questions.

Weird real estate facts you need to know

Real estate is one of the most booming sectors out there. Apart from that, it is also one of the sectors which are drastically affected by any changes around! And yes, not to forget the list of amusing facts associated with this sector – here are a few weird facts which would stun you too!

1. Know about the world's largest tree house

Who said tree houses are supposed to be limited to only one or two rooms? Take a cue from the world largest tree house, which took around 14 years to build. It has over 80 rooms and 10 floors! Imagine how huge this tree house is and the amount of effort gone into creating this masterpiece!

2. Want a secret doorway- here's whom to approach

If you wish to have secret rooms and passages in your home – well, there's a company out there which specialises in this! They've got you covered. From building the most exquisite and mysterious passages, they even have some of the most outrageous methods of locking these secret passages. How about playing a chessboard combination to unlock your door to the secret world – yes, that's what they do!  

3. The White House Renovation

In the period between 1949 and 1952, the White House was entirely renovated – replacing its wooden pillars and beams with metals one to improve the strength of the high structure. This required the White House to be wholly gutted – and then hoisted up all over again!

4. Solution to homes destroyed in disasters

Not a single home can stand the wrath of a natural disaster – and rehabilitation is a massive worry too. To make your job easier, there's a machine which converts the concrete rubble (which is the aftermath of any natural disaster) into Lego-like building blocks. These blocks can be easily out up together but those afflicted to build up a new home in no time! And yes, these homes are earthquake resistant too!

5. Now, this is some well-thought of anticipation

The Cooper Union Foundation was built way back in 1859 when there was no slightest hint of elevators being discovered in the near future. However, the architect left an elevator shaft in the building – what if elevators are invented one fine day? Now this is indeed some great foresight! Aren't these facts amusing?