Owning a rental property can be an effective way to secure a healthy financial future. However, not all real estate makes for a successful investment. Thus, it’s vital that you know how to find properties that have the most potential. Here are a few of the top qualities you should be looking for in an investment property.
How to Find the Best Investment Property
An ideal location is key to any real estate investment, but especially one where you are hoping to attract tenants. Where your investment property is located will have a direct impact on the quality and quantity of renters you draw in. The better the neighborhood, the higher your property will be in demand. This means you will have less tenant turnover and fewer vacancies. Buy a place in an area that has a low crime rate, good school district, and easy commute to main roadways.
2. Low Maintenance Costs
When you’re investing in real estate, choose a low-maintenance property; this will save you money as well as time. If you’re looking at buying a property that needs renovations, make sure you have the budget to pay for everything that must be done, and don’t sign up for a project you can’t afford to finish.
3. Appreciation Potential
The most lucrative investments are those that appreciate in value. As an investor, you must consider what the appreciation potential of a property is when you buy it and what it will be when you sell it. Consider how much more you will be able to charge tenants if you put a little work into the property before renting it out. Also, think about how much it could be worth when you’re ready to sell it later.
Selecting the right investment property requires thorough research and careful planning. Fortunately, the experienced real estate professionals at Extreme Realty can help you navigate the market to locate good opportunities. Having served the residents of Westchester County, NY, for over two decades, they possess extensive knowledge of local neighborhoods and tenant habits. With their guidance, you will find a rental property that allows you to achieve your financial goals. Call (718) 600-8890 to speak with a skilled real estate agent, or visit them online to view current listings.