Buying a home—whether for investment or for personal use—is a serious venture. The purchase price of a property, even an extremely affordable one, is not exactly pocket change. Being picky, while normally a contrite behavior, can actually work in your favor. Purchasing a house should not come as flippantly as buying a pair of shoes. If you’re looking at property solely to use as an investment asset, then you should scrutinize each purchase even more. When it comes to selecting an investment property, being picky can save you a lot of headache, heartbreak, and financial loss in the future.
Factors in Purchasing
When shopping for investment properties, there are numerous factors which come into play. These factors all need to line up in order to create a beneficial investment. Investing requires more than just simply liking the house. Regardless of how great the property is visually, there are other features that have to present to avoid losing your backend.
The property needs to be in a sufficient location. This means it has to be attractive to renters—the property should be in an affordable community with low crime and decent school ratings. You want the surrounding area to have attractive amenities, such as nearby shopping and social activities. If the property is in a college town, being in close proximity to public transport is another plus that will increase the value of your asset.
Other factors that need to be evaluated when considering an investment property include cost, renovation expenses, and management fees. Market rate, area rental demand, and local appreciation values should all be analyzed, too.
Any events occurring in the area, such as a large business enterprise scheduled to relocate or a new highway exit ramp being constructed in the future, should also be taken into account.
When it comes to analyzing all of these features, and more, being picky will often come in handy. When you take the time to really scrutinize a property, you may uncover features you otherwise wouldn’t have seen. In some cases, these features may be beneficial, in others they may be something that could steer you away from the property. In either case, taking your time to do your research and passing on any properties with red flags regardless of appearance may be your bank account’s saving grace.
How Strategy Properties Can Help
If you’re having an anxiety attack just reading over the multiple factors that need to be evaluated before you decide on an investment property, that’s okay. One important thing to remember when dealing with real estate investments is that you don’t have to go at it alone. There are companies willing to help—companies which can relieve the stress of analyzing properties by doing it for you.
Strategy Properties is one of those companies.
Strategy Properties is one of the leading property investment companies in the Detroit Metro area. Each and every one of the SP team is a life-long Detroiter, so they understand the market better than any outsider. With a firm knowledge in the Motor City, Strategy Properties provides only the most skilled real estate team with an eye for investment properties.
The Strategy Properties Process
When you decide to work with Strategy Properties to find your perfect investment property, you can rest assured that you’re going to get only the best of the best. Each property purchased by Strategy Properties has been meticulously reviewed. With a firm grasp on the market trends in the area, the SP team can accurately decide upon the best properties by reviewing cost, renovation expenses, and market values. They review trending rental prices, mortgage rates, and more.
Selected homes are chosen based on their neighborhood—each area in which Strategy Properties purchases is highly desirable, with a large rental demand, and low crime rates. The areas are all equipped with easy access to highways, parks, malls, movie theaters, and more.
By purchasing a Strategy Properties investment home, you’re more likely to have mitigated risks, higher quality tenants, and less vacancy in your property. The work has been done for you—the risks have been analyzed, the neighborhood scrutinized, and the property fully reviewed. This ensures maximum profit and the lowest calculated risk possible.