Finding a property that fits your lifestyle is essential. It takes a lot of research to find a good investment that also matches your financial goals and income.
Make sure that the property you choose will provide enough rental income to cover mortgage payments and insurance expenses. Ensure that the property is located in an area with stable housing market and low unemployment rates.
Location
Buying a property is one of the most important decisions you will make for your life. It is where you will spend almost all your time for many years. For this reason, you need to be very selective and view many properties before finding the right one for you. Start by making a list of ‘non-negotiables’ and a second list of ‘nice-to-haves’ that you want in your property. This will help you find a property that meets your needs now, as well as in the future. You should also consider location and look at cities with a young workforce, low house prices and good public transportation options. These cities will be more attractive to potential tenants.
You should also look at rental estimate reports, vacancy rate estimates and rent saturation benchmarks to determine the best location for your property.
Amenities
Amenities are things that add value to a property and make it more appealing to potential tenants. They can include anything from a pool to a fitness center. Adding amenities can increase the cost of a property, but they are an excellent way to attract high-quality tenants and make your investment property more profitable.
Amenity options can also be community-based and include everything from a shared outdoor grilling space to a library and media room. While these amenities are more common in multifamily real estate, they can be useful in single-family homes as well, browse around this website.
Tenants will appreciate any type of amenity that saves them time and money, such as an in-unit washer and dryer or a pet-friendly policy. Although some amenities come with a premium–such as a doorman or a package room–these features may be worth the additional expense for some tenants. Other amenities aren’t as necessary, such as a large-screen TV or a dishwasher.
Budget
Choosing the right property is one of the biggest decisions that you will ever make. Your home is where you will spend most of your time, so it is important to choose one that suits your lifestyle and meets your needs. Nelson recommends preparing a list of non-negotiable must-haves and a list of nice-to-haves to help guide your property search. She says that it helps to be aspirational with your list of must-haves but realistic about what you can afford to buy.