Image from Pexels – CC0 Licence
Experienced property investors and beginners should all have a good awareness of what makes a profitable home. Understanding the attractive features that prospective renters or buyers are looking for, will always help you to make the best possible choices when it comes to your real estate investments. Whether you’re looking for a property which has space to expand or you’re checking out the local area, these notions are important when it comes to making business decisions. If you want to know the most important features to look for, the following list will help you to keep a lookout!
- The Location
Location is key when you’re looking into investment properties, but you should also consider your target demographic at the same time. If you want to attract a certain type of tenant you may want to do some research around the local neighborhood so that you can make the best possible business decision.
- Education
Having good schools in the local area is a make or break for many people looking to rent a property. Some families choose to move simply to enter a good catchment area for a school. If you want to attract families, this is an important element to consider.
- Property Tax Rates
As a landlord you will be responsible for paying for property tax, so you may want to look into the rates in certain areas of interest. Although high taxes may not seem appealing, they can often be the areas that are most sought after. Striking a balance and having an awareness of the variations will be your strongest asset.
- Job Options
Investing in a property where there are good employment opportunities is a no-brainer and will most certainly attract more people. One of the best ways to discover this is to do a simple internet search or even visit the local library to see what kind of jobs are on offer in the area.
- Crime Rates
Looking into the local crime statistics will give you a good idea as to whether your property is located in an appealing area. You may also want to look into the level of police presence in the area as this can often put peoples’ minds at ease.
- Shops and Amenities
Local shops, leisure centers, libraries and other day to day hot spots are an attractive feature for anyone looking to buy or rent a property. Choosing to invest in a house that is close to certain amenities will make your job as the landlord much easier.
So, when you’re on the lookout for an investment property, these ideas should help you to discover the best possible option for you. It’s all about finding the perfect balance when you’re hoping to invest in a property. Becoming a landlord and renting out a property takes a specific mindset, so you need to have your ideal tenant at the forefront of all of your decision making. As soon as you know exactly who you are selling to, you will be able to make choices based on the characteristics and preferences of the people you want to do business with.
