Buying a rental property can be a long-term investment and should involve some research and investigation. If you do decide to buy a rental property you may have to invest more in the beginning. You need to find the right property in an area where rental properties are able to obtain tenants. Here are some questions our Anne Winch Real Estate Team has put together before you decide to purchase a rental property as an investment:
Location
You want your rental investment property to make money. It should increase in value over time. Location is the key. Many buyers are looking for a great location and often don’t have the time or money to fix up a run-down property.
How old are various components?
When you are checking for properties, certain components can add up quickly against your budget. Evaluate how old the kitchen and bathrooms are along with plumbing and electrical. Make sure the furnace is newer and that the wiring and plumbing are within code. A quick review of the roof is also necessary as this can be a major expense.
Have business sense
This is a business which means you need to run it as a business. Many an investor wished they had used the services of a lawyer, accountant, and real estate team. Keep good bookkeeping records, legal holdings, and tax receipts.
Find the right home
If you are looking for the right home, our Anne Winch Real Estate Team can save you some steps. Our Team can:
- Check MLS for the right type of rental investment you want
- Check with other real estate teams to find out if there are any properties that are going to be listed
- Find the neighbourhood where you will get the best value for you – research what markets you can afford
- Help you find properties that may need a bit more TLC but are still going to give you a return on investment
If you are new to renovations you may need some help finding professionals to help you along the way. We have a team of professionals we use from building contractors, inspectors, legal and monetary help. We want to help you succeed with your endeavour.
Our Real Estate Team
You can’t always know what real estate investments are out there without a good real estate team to be on the lookout for you. Our Anne Winch Real Estate Team can be there for you to find the investment opportunities before they hit the internet. It is important to have a real estate team you can count on to help you find these opportunities so that will free up time for you to work on any investment properties.
Leave the negotiations to us as we have many years of experience negotiating real estate deals. We would love to help you find the right rental property for your next investment. Give us a call, text or email to find out how we can be your real estate team on the road to your future real estate investments.