Different criteria apply when buying an investment property than when buying a home.
Criteria to be considered when constructing a real estate portfolio are:
• Location – Tenants pay attention to things like walkability, public transportation, restaurants, grocery stores, schools, and parks. In growth areas, demand for rental apartments is increasing. There is always demand for rental housing close to major employers and universities.
• Condition - If you are up to make some renovation, finding a house that requires updates in a good location, might be worth considering bargaining for a good price. Investing time and effort in renovating can result in higher rents and more assets. Have a thorough examination done by a professional. Avoid properties with serious health or safety issues unless you have the time and money to address such issues.
• Market – The best time to expand your portfolio is when the market is down. Higher prices mean fewer people are eligible to buy homes, so you can expect property prices to rise and rents to rise when the sales market picks up again.
Our team can help you make better decisions. We will help you evaluate potential investment properties and re-evaluate what you already own to build a profitable portfolio aligned with your ultimate goals.
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