Advice On Those Building Rentals in 2018.As the headline screams, we wish to inform investors who are seeking to build rentals this year.
Advice on Those Building Rentals in 2018
Real estate industry is one that will surely peak this year.Last year was hard in this industry due to the uncertainty that flooded the market.We are in a brand new year (2018).Things are calm showing some promise.
However, if you are an investor wish to build rentals this year listen or read well.Do not make some mistakes your predecessors made.Be smart and you shall reap the benefits in this industry.Here are some pointers for you.
- Location-Investing time to finding an ideal location is key.Put yourself in the tenants’ shoes.Where do most of them work?What is their mode of transport?Do you have schools or other amenities nearby?How is the security in the area?What is the surrounding look like?Answering this key questions will make you choose a location which will be ideal for your clients.Want an ideal location?click here and we shall help you get one.
- Planning-Once you settle on the ideal location, next phase is planning.Well, I know you are wondering what kind of planning?What units are you building?11 bedroom?2 bedrooms?3 bedrooms?Which is your target market?Invest in a good architect.A good architect utilises the size of the land and maximizes on what that can be built.Do not neglect this advice or else you will regret.Where will be parking be?Where will be the balcony be?Which side will the property face?Where will the natural light come from?Answering these questions will push you towards building the ideal rental space.Make sure space is sizeable.You will thank me later.
- Quality-Well, when you see something good you end up having it.Invest in quality when building your apartment.From the materials used to build to the finishing should scream quality.Once you use substandard materials tenants will notice.Quality of paint used?Quality of materials used?This is some of the small things that tenants look for when house hunting.Stand out and make a quality investment.Browse through some of our rental properties.
- Rental Pricing-We lives in Kenya, where the price is a huge factor.Most people are conscious of the rent of the house due to the economic status.Be considerate model your rent where it is not too high or too low.Just the right price.How?Look at the space, amenities and market when determining rent.Some other landlords ask too much and their house ends up having a high turnover.Be smart listen to the market and you will know if the price is right.
- Maintenance-This is the last step.So you have built a posh apartment following all the pieces of advice above?Well, make sure you invest some money in maintaining it.Some landlords after building think that all is finished and sit down to enjoy.Put some little money back to make your investment time conscious.
These pieces of materials have been derived from daily interaction with many apartments.Some investors have made mistakes which they end up paying with loss of revenue.Being smart is not repeating your mistakes, however, being smarter entails not repeating other people’s mistakes.
We wish you a prosperous 2018.