Coldwell Banker Residential Brokerage Boston Back Bay
About property and rentals:
When renting or buying a property, there are various features that you need to consider to make it profitable. According to Investopedia, you should always search for a property on your own before you bring in a professional. An agent can pressure you to buy a property without being 100% comfortable with it.
Look out for the following features:
Neighborhood – This feature determines the type of tenants you attract, it also plays a huge role in property rates. Nice neighborhoods tend to be more expensive than regular ones. Most audiences prefer a home near a shopping center, school, or other attractions.
Property Taxes – You need to be aware of how much you will lose due to taxes. You can visit the municipality’s assessment office to find out more about the tax information, or you can talk to homeowners in the community. Be sure to find out if property tax increases soon.
Schools – If there are no good schools nearby, it will affect the value of your investment. Try getting property within walking distance of a school.
Crime – Nobody wants to spend thousands of dollars to replace stolen items. Therefore, it is of utter importance to educate yourself on the crime statistics of the neighborhood. This can be found at the police station or local library. Police presence also plays an important factor.
Job Market – Nobody wants to house unemployed tenants. Buy your property in an area where there are great employment opportunities. To find out more about job availability, visit the U.S. Bureau of Labor Statistics (BLS).
Amenities – Take a tour through the neighborhood. Parks, restaurants, and gyms usually attract tenants.
Future Development – The municipal planning department will have relevant development information. Be aware of new developments that could hurt the price of surrounding properties. Above all, additional housing could be your new competition.
Although these are the Top 6 features to look out for, there are other smaller factors to consider as well. For example, a neighborhood with a high listing count may be signs of a neighborhood in decline. If an area is prone to natural disasters, expect high insurance expenses. Be wise when buying property, as the main goal is to make a profit from it.
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