Choosing the Best Investment Property
When it comes to choosing the best rental property to invest your money in, it’s likely that you’ll want to get as much help and advice as you can get. Whether it’s from friends and family or looking online at different website sources, every piece of additional information you can get towards getting the right property will make a huge difference.
Decisions you make now can make a tremendous difference in the future – both on your stress levels and your income/budget for the property. That’s why it’s so important to take your time and choose carefully now, instead of rushing into the first property you see.
what to look for in an investment property
Where a property is located can have a huge difference on the overall property price. If it’s a very cheap property, ask yourself: is it in the right neighborhood? Chances are, if it’s very cheap, it’s probably not. The better the neighborhood, the higher the price. Try and find a property that is in a great neighborhood, with no crime and that is conveniently located (i.e. close to public transport, park, mall etc).
Many people will choose a property based on its location to their job/profession. If the property is located a long way away from a main working area, it won’t generate much interest. But if the property is located close to main working areas – especially within walking distance – you’re much more likely to find tenants for the property.
size and space
Who are the ideal tenants that you want living in your rental property? Is it a professional working couple? Or a family with children? Or perhaps an elderly couple? Regardless of who it is, you’ll want to choose an appropriate home for your target tenants. For example – if you want a family living in your rental, choose a property that has plenty of bedrooms and a large backyard for the kids to play in.