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In a number of cities in Asia, it’s been the norm for smaller apartments to generate higher rental yields than bigger ones. That’s because most buyers usually live alone or with a partner, so the small space isn’t an issue. However, that isn’t the case in Thailand. Global Property Guide says that a 60 square metre unit in Bangkok now generates about a gross rental yield of 5.6 percent. On the other hand, a 120 square metre unit in the same location will net about 8.0 percent in gross rental yields.
Bigger is Better
That means the bigger your unit is, the higher your yields are. One reason for this is the growing demand for more two or three bedroom units, says The Nation, with 95 percent of the rental demand in the downtown area driven by foreign buyers. Given the real estate climate, this might be a good time to consider renting.
Rental Tips
If you’re searching for a rental right now, but not exactly sure how to go about the search, then follow these guidelines for a stress and hassle-free experience:
Know how much you can pay
Your budget is, by far, the biggest factor. So know how much you can spend on rentals every month. It’s ideal to ensure your housing costs don’t go beyond 30 percent of your income. If it’s taking out a chunk out of your monthly funds, then you need to rethink your spending habits or budget. You might need to look at units or properties that belong to the lower end of the market.
Be ready with your security deposit
Another thing that’s going to help you land the rental of your dreams is to already have the security deposit ready. Some ask for a six-month advance, others less than that. If you want to be able to move to a place quickly once you find one, better have your security deposit in the bag.
Brainstorm on must-have features
Do you want a balcony, garden or roomy kitchen? What about a pool? Need parking or not? These are just a few of the things you’ll need to factor in. To make it easier for you, turn these into a checklist, one you can bring with you whenever you go and check out a rental. Also, if you plan on working from home, make sure you set aside a workspace for you. Have kids? You’ll need to have room to set up a nursery or play area as well.
Be flexible
While you mustn’t compromise on certain things, be flexible enough to go for workable solutions. For instance, it might be a good idea to go for a home with only a little garden space—instead of the big one you wanted—if there’s a park right across from where you’ll move in. Or forego a pool because you’re just two streets away—and less than a 15-minute walk—from the village or community pool. Exchange a large backyard for the community tennis court.
Use listing portals
Online listing sites also make it easy for you to search. DDProperty has lease house choices sure to match what you need in terms of size, and cost. All you need to do is put together a list of the ones that appeal to you. Don’t forget to note do wn important details. Check out the photos as well.
Do an ocular
Go to the area and look around the neighborhood. Will it be easy for you to get to and from work there? Are there any drugstores, malls or entertainment hubs nearby? What about bus stations, train stations or taxi lanes? Transportation hurdles can be a major deal-breaker. So unless you have your own ride, you want to make sure commuting from that area isn’t going to stress you out.
Research on crimes
Is crime rampant in the area? Are there too many unsolved cases of theft? It’s best to know what kind of neighborhood you’re moving into before you sign that lease. You might have a great deal on your hands at first, only to find out that you’re going to move into a shady area. Don’t put your security and those of your family at risk.
Tackle the process
Once you’re all set, you need the help of a reliable agent and lawyer to make this end of the process easier. You’ll have to draw up and sign contracts so that’s why hiring a lawyer is smart. Yours should review the contract to ensure you’re legally protected. On the other hand, your agent helps you get from one point to another in the rental process. From helping you file papers to getting in touch with sellers, having an agent by your side is a tremendous amount of help.
Be ready for the costs
Aside from the rent and security deposit, you’ll have a ton of other costs to take of. There are closing costs along with agent fees and even lawyer charges so be sure to keep these in mind. Since costs add up, you’ll want to make sure you’ve got the funds you need to take care of all these.
Never go beyond your budget
It can be tempting to go for a rental that’s slightly higher than your original ballpark. However, going over for even a couple of hundreds adds to your monthly costs and bills. It won’t be so little anymore if you add the total extras you’ll be shelling out money for in the months to come.
photo by Swaminathan on flickr
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