When you are investing in real estate, you need to be sure that the property you are planning to acquire is in good condition, but there are plenty of other factors you need to consider as well. What are they, you might ask? Read on to learn more.
Location, location, location
You hear this phrase all the time, but when it comes to real estate, it's truer than ever. Where your investment real estate is located will determine how much you can realize when you rent or sell it. An up and coming part of town will benefit you multiple times over when compared to a part of town that is unchanging. It will also be a safer part of town, generally speaking, and that will make your property more desirable, giving you a chance to charge a higher rent than you could in a not-so-nice part of town.
If you plan to rent your property, consider finding a property near a college or university. You'll know that for three-fourths of the year, you will have renters. That kind of guaranteed income is hard to find in the real estate world, and you know there will be a lot of potential tenants from which to choose.
You should also consider how close your property is to schools, major thoroughfares, and shopping opportunities. Those will weigh into peoples' willingness to rent from you, particularly if you want to reach families and offer them places to live. Singles won't be as interested in being close to schools, generally speaking.
Another factor is how close to your property do you live, so that when a call comes in in the middle of the night, you can respond right away. As the owner, even if you are looking at the property as an investment, you are responsible for the upkeep and maintenance. Unless you have a property manager you expect to take care of all of that for you, or you have a maintenance person on call, that responsibility is yours.
Economic factors
There are some markets that are improving from the recession more quickly than others. Up and coming areas with new growth like a major road or highway or a new big business coming to town are ideal to invest in, since that new business means more jobs, and more people needing places to live. Buying a home in advance and fixing it up with modern touches will make it more attractive, and your home will only increase in value over time in this area.
บ้าน มือสอง What state is the house in?
If you are looking at a house, whether to flip or to use as a rental property, you will need to be sure it is in good condition. The only way to know for sure what condition it is in is to find a professional inspector who can look at the property and give you a detailed analysis. Repairs can range from needing some paint to requiring a wiring and plumbing upgrade. Before you invest, check your budget to see what you can afford, and what you should walk away from.
Your investment property should provide you with a solid rate of return and should also be a delight for you to own - most of the time. Examine your property, and examine your budget, then enjoy your investment.
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