3 Essential Things To Consider When Buying Investment Real Estate
Posted on: 23 May 2019
Do you want to get started buying investment properties? Have you been told that it's an easy way to get rich quickly? Buying homes or land can certainly make you a lot of money, but it won't necessarily be a speedy process. All the more reason for you to get started with it as soon as you are able to do so. Before you get started, it's essential to make sure that you're buying the right properties that will make you the most money. Rather than just buying almost at random, you should take careful consideration of various attributes, including:
Size:
Some sizes of real estate rent or are resold more quickly and easily in certain markets. For instance, if rent prices are high in the surrounding area, one-bedroom properties might not be as popular as two- or three-bedroom properties. While a one-bedroom property is generally only suitable for a single person or a couple in a relationship, multiple bedrooms allow several unrelated people to live together as roommates and pool the rent and utility costs. A two- or three-bedroom property may also be rented or purchased by a family with children. This dual-purpose makes multi-bedroom dwellings an ideal investment in many cases.
Location:
How close is the real estate in question to the nearest grocery store? What school district is it located in? Is there an available bus line? Although you may not personally care about the answers to these questions, they are important to many people and must be taken into consideration. Many people do not have a vehicle of their own, whether by choice or due to a medical reason, and this makes it essential for them to at least live on or near a public transportation line whenever possible. Parents with kids may try to avoid the worst schools and send their child to the best ones by carefully choosing exactly where they live.
Accessibility:
It is not legal to deny renting to someone due to a disability so you may want to restrict your real estate searches to properties that already have at least some accessibility features built in. As a landlord, you may be required to install things like grab bars in bathrooms or ramps for wheelchair users. Your tenants might not even be disabled when they move in but an accident or disease could land them in a wheelchair or having a need to use a mobility aid and then you'd be responsible for modifying the property. It pays to think ahead and to purchase properties that either have some of these features or that can have them added at relatively low cost.
Reach out to a real estate agent to learn more.
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