Have you been considering investing in rental property? There are many reasons why you should. Real estate is one of the best investments that you can possibly make. If you choose to go into rental real estate, you could gain an income increase over the years and last you a considerably long time. Depending on how long you keep your investment, your rental properties could supply you with income well into your retirement. However, you should remember that no investment comes easily. You will need to do the right research before investing if you want to be successful. One very important element to research is choosing the right property.
If you are planning on a future in rental real estate, you are not going to be guaranteed a large return form any old property. There are several elements that go into making your career in real estate. One major element is location. The location of your rental property is directly related to its desirability. First of all, you need to consider the town in which your property is located. Small towns usually do not provide a good environment for rental properties. Large cities, however, are the perfect place to invest in real estate. The more populated your town is, the more in demand rental properties are. College towns are also great areas for rental properties. Young people in and just out of college cannot afford a home of their own yet still crave the independence of their own place to live. Therefore, rental properties are a perfect fit.
Beyond simply the town your property is located in, the location within town is very important as well. The closer a property is to the center of town, the more valuable it will be. If a property is located around a lot of shops, restaurants, bars, and other places of social gathering, the more people will be willing to pay to live there. Another great draw, especially in cities, is a close proximity to public transportation. If a property is easily accessible from subway or bus stops, people will be very interested in paying to rent.
One final element you might consider while choosing a property is age. Older properties may be cheaper. However, they also require far more repairs, remodeling, and upkeep. You may find that in the long run it will be cheaper for you to purchase a newer property that does not need the same repairs.
Ken Boutilier invites you to get started on the road to becoming a Rental Property Investor by checking out the free resources you’ll find at [http://www.realwealthatlantic.com]. You can also download a free copy of my newest book- 9 Habits of Highly Successful Real Estate Investors.
From Ken Boutilier, Founder of RealWealth Atlantic and author of Rental Property Management Made Easy.Share on Facebook