Are You Thinking Of Purchasing An Investment Property In Durban
Are you thinking of purchasing an investment property in Durban The purchase of property
for rental is great way to increase your net worth with the extra benefit of a cash income from rents.
If you have a property in mind you need to ascertain the market value of the property. Look at property in the area similar to the property you have in mind. List your selling points like a pool, quiet area and entertainment/living areas. Look on
property marketing Durban websites or contact your local realtors. All these aids will give you a feel for the value of the property and what you can reasonably ask as a rent.
The next step is to calculate the income versus the expected expenditure of the property. What you can expect to gain from renting and marketing your property in Durban.
Take the expected income from the rental over a 12 month period. Calculate the expected costs for the same period. These will include rates and taxes, insurances the cost of property marketing Durban and an amount for repairs and maintenance. This will give you an estimate of what income or loss you stand to make on the deal. Investors typically rent out properties that they are keeping for long-term investments. The rental income helps to pay for the property while the investor sits back and waits for the markets to increase the value of his property.
The next thing is to determine for how long are you willing to rent your property out. You might think the longer the better, but remember rents usually go up and you wouldnt want to miss the opportunity to increase them because you are stuck in a long term lease with a fixed rental amount.
A twelve month rental is usual for residential properties but sometimes shorter or longer terms can be required either for the landlord or the tenant. A potential tenant may need a temporary space; maybe they are moving to another area or building their own home. Do not discard the idea of short-term rentals as they can be advantageous to a landlord because they fill the space quickly, often with no improvement to the property and can command a higher rent. Now the investor will have more time to market the property to a long-term tenant while still receiving rent.
The eLan Property Group is KwaZulu Natals premier property development, marketing and sales company. Headed by property entrepreneur, CEO Mark Taylor, the Group is renowned for the conceptualisation and delivery of luxury and upmarket property products. To credible property developers like itself, the Group offers a unique development consultation service focused specifically on providing a turnkey sales and marketing solution. This combines the wealth of experience that the eLan Property Group has acquired over the years through the successful launch of numerous residential, commercial and hospitality developments and incorporates the services of eLans full in-house marketing and sales teams.
In recent times eLan Marketing and Sales has succeeded in revolutionising the property marketing arena through an all-inclusive outlook and by challenging the traditional norms. The benefit of an in-house team also ensures a uniform measure of quality, brand integrity, seamless strategy implementation, and quick turn-around times.
by: Abraham Glab
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