Focusing on finding the right investment property is essential, but it’s important to remember that you’re also “buying into” the neighborhood. In this blog post, we’ll take a look at ways to scout the neighborhood for any investment property you’re considering:
1) Do some digging to determine the “personality” of the neighborhood. Checking out the personality or vibe of the community tells you a lot about what it’s like to live there–which is essential when marketing to potential tenants. While you’re touring a house, pay particular attention to the vibe, the street scene, and the neighbors. Visit the neighborhood at different times during the day to make sure you see the whole picture.
2) Get chatty. Strike up a conversation with a neighbor, dog walker, or jogger. Ask them for their take on the neighborhood. What do they like? What do they not like? These nuggets of information are priceless, and they can help you understand the neighborhood dynamic.
3) Perform school quality and safety research. Both of these items help or hurt the resale value and rental rates of a home. School information and rankings are published online, and several online services offer information about community safety.
When it comes to selecting the right neighborhood for your property investments, it’s all about location. There are many things you can change about the house, but you can’t change where its located. Make sure to focus on finding the right neighborhood when searching for your next investment property.
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Photo by Raphaël Biscaldi on Unsplash