I am a huge advocate for real estate investing, not because I am a realtor, but because it is one of the most reliable investments. So for those of you who are looking for an investment property, here are three key factors you should consider.
1. Location is the most important thing when looking for Investment Property
Location is important, as when residents are looking to move, they will be considering the area’s community. Such as schools, neighbours, the job market, if this property is close to local shops or transportation. You should also do some research into the recent sale prices and rental prices in the area, as it may indicate a growing or failing area.
2. Consider Future Prospects.
Not only do you have to evaluate the current state of the community, but you also have to consider it’s future growth. When you’re purchasing a property to be rented or for development, remember that this is a long term investment. Look into whether or not there are any city plans to expand or grow. You have to predict future interest in the area,
3. The Property
Finally, consider the property itself. What kind of property is it? While you are not living there, it’s still important to consider if it is livable and there are no major issues unless you are prepared to pay and make time for the renovations.
If you are investing in real estate then it’s important to consider these factors for whichever property you choose. If you have a detached house then you are more likely renting to a family, so you’ll have to consider local parks and schools. If you are considering an apartment, then chances are you are renting to students or bachelors. In this case, it could be vital that this property is close to certain universities and public transportation.
There are plenty of other elements to consider, regarding finances, and management. But these are three factors that you must consider when choosing an investment property.
If you have any more questions about real estate investment you’re curious about, don’t hesitate to contact us here today.
