Investing in the Right Property
There is no better time than now to invest in the real estate market. The low costs of properties across the nation make this the best time for individuals to profit by purchasing homes at rock bottom prices and then renting it out to tenants.If you are a first time real estate investor or a seasoned veteran in the market, there are several things to consider when considering which home to purchase.
|Though low prices can be temptation enough, the smart decision is to look at the surrounding area. Use websites like www.greatschools.org to assess the quality and proximity of the house to neighborhood elementary and middle schools. Search the local crime rates in the past five or so years to see whether your property will appreciate over time. Look at the property as if you are going to live there and map out the distance to shopping areas and major streets.Renters gravitate to a safe neighborhood, and if they have kids they will want a good school district. Also, it is important to find property that is near public transportation, commercial areas, and other important amenities. The more you have to offer, the more likely you are to please potential renters.|
|Once you find potential properties, it is important that you do two things. First, take a tour of the property with a licensed agent. When interviewing real estate agents, select someone who has experience with income properties – the best option would be to find a brokerage that specializes in Property Management. When looking at properties, take note of all the things that need to be fixed. Pay attention to the nearby houses, the surrounding area, and the walkability of the neighborhood just so you can get a sense of what potential renters will see. Secondly, make sure you get a full disclosure on the house. This is a form that details different parts of the house and lists problems, work that has been done, as well as the ages of various structures and equipment of the property. It gives you more information and helps you make a more informed decision about your property.
There is definitely more that you can do to make sure your investment choices are sound. Above all, make sure you do your research and make the decision with as much information as possible. If you are buying real estate in the hopes that its value will rise over time, it is important to look at all these factors.