Are you constantly looking at residential listings? Are you eager to invest in real estate? As you likely already know, the type of residential listings you look at and purchase will directly impact the profitability of your investment, so selecting the right property to buy is paramount. These features can help you identify a good investment and ensure your efforts do not go to waste.
- Property Taxes—Property taxes will vary widely across your target area. Keep in mind that high property taxes are not always a bad thing, especially if you are looking for a great neighbourhood that will attract long-term tenants.
- Neighbourhood—The neighbourhood where you buy will impact your vacancy rate and the types of tenants you attract. For example, if you buy near a university, you may have trouble filling your property in the summer, but you may always have students eager to rent from you the rest of the year.
- Schools—If you want to invest in a family-sized home, consider the quality of the schools in the area. If you purchase in an area that lacks good schools, this could affect the profitability of your investment.
- Amenities—Tour the local neighbourhood of your potential investment and check out the parks, theatres, gyms, restaurants, and public transportation links. You want just the right blend of private property and public access.
- Future Development—Contact the local planning department to find out what plans or developments have already been zoned in the surrounding area. If you notice a lot of construction going on, this could indicate a strong area for growth.