Private and local amenities
This first feature can transform a good investment into a great one. Having amenities on and surrounding the real estate investment property can be a substantial factor when it comes to closing the deal or attracting a tenant. As an investor, ask yourself, “Is this somew. I would want to live?” If your answer is ‘no’, then maybe this property isn’t worth your time or your money. From a new in-ground pool in the backyard to a buzzing shopping center downtown, these amenities can come in many different forms. It is also crucial that, as an investor, you are knowledgeable about the amenities your property can offer for a few different reasons
Bringing a potential tenant into the home and speaking eloquently about the amenities is a big selling point. How much money newer, energy efficient amenities can save in utility bills or why certain appliances are top of the line can be useful .rmation to a prospective tenant. From t., you can mention, shopping malls, grocery stores, fitness centers and nearby restaurants that will entice the tenant. Even though some of these are not directly on the property, the surrounding area can be important for the tenant to be aware of.
Some of the cities I mentioned in the beginning of the article are part of a larger group of cities that are experiencing a boom in the real estate investment space because most of these amenities are included with every property. Newer properties and eager tenants in a growing city are the perfect recipe for charging higher rents that reflect the value of these desirable markets.
Local neighborhood statistics
Amenities are more enticing for your tenant, but, as an investor, researching and understanding the market you are looking to purchase a property in is just as vital. Statistics such as annual income per household, crime rate, occupancy/vacancy rate and annual foreclosure stats are all aspects investors should be aware of when they are considering buying a property in a certain market.
These will be indicators for their investor. It will determine whether they should be pursuing properties in the area or can give an investor a range of what they would be able to charge for rent. Areas that have seen a high foreclosure rate might mean that the potential tenants will not be a suitable match for you and your property. High crime rates could also lead to potential property damage that will hinder the value of your investment long-term.