Finding real estate investment properties can be hard at times; therefore, it is crucial to contact a real estate agent for assistance and guidance on what to purchase. However, having a basic idea of what a house should look like will only help you make a smart choice. In this article, we will cover some of the signs that stand as testimony to a house being fairly valued.
1. Location
The best investment properties are in prime locations. It should be considered if you are looking for a specific type of property, such as an apartment building or commercial space. It is especially true if you’re looking to make money off the appreciation of your rental property over time.
If your interest is more general, look at factors such as how close it is to schools and public transportation—the more central the location, the better. Also, look for neighborhoods with amenities that will attract new residents and encourage current residents to stay.
2. Good Tenant History
If you’ve rented out your property in the past few months, there’s a good chance that you’ll be able to find someone willing to rent it again now that things are looking up for the real estate market!
A good tenant is a good signifier of a well-maintained property, that is if you can get references from previous landlords. In that case, they’ll probably tell you about the condition of their building, as well as their tenants’ habits and attitudes toward paying rent on time and taking care of the property.
3. Plenty of Parking
If you live in an urban area with limited parking, look for properties with plenty of on-site parking spots or garage space that isn’t likely to be used by other tenants (e.g., an apartment building). However, if you live in a suburban neighborhood with lots of cars parked outside every day at all hours, this might not be an issue for you since enough people living nearby are willing to pay for parking space so that it won’t matter.
4. The Size
Another thing that makes a home more valuable is its size of it. Bigger properties tend to be worth more money than smaller ones because they take up less space on their lot and are easier to maintain and sell in the future. It means that larger homes tend to be worth more than smaller ones.
5. Improvements
The next thing you should look for is whether or not any improvements or additions have been made to the house over time. These improvements can include anything from new paint colors or flooring patterns to complete kitchens or bathrooms! It’s also important to remember that while certain areas may be more expensive than others, it doesn’t mean that they always will.
6. The Basement is Dry and Clean
If you have a dry and clean basement, chances are there are good signs your property will be fairly valued. If standing water is in the basement, it could mean a leak in the roof or foundation area. A dry basement doesn’t necessarily mean asbestos was removed. Still, it does indicate that people are not having parties down there or doing other things that could damage the property further. A clean basement also means there are no holes in floors or walls — meaning any work done on them will be done with care so as not to damage anything else around them.
7. There are No Holes in the Walls or Floors
These areas are where leaks occur and will need to be addressed before repairs are made to other areas of the home. When you look at a house, it’s easy to overlook details like the roof, walls, and basement. But these are often the first things that need to be repaired when a house needs work. And if you have a lot of money invested in the house and want to keep that investment, then making sure your property is well-maintained from top to bottom is essential.
8. The Roof is in Decent Shape
The roof should have a heavy layer of snow, but there should be no holes or missing shingles. A good roof can last up to 20 years or more before needing repairs or replacement. The roof should be clean with no holes or missing shingles; if you see that your roof has any damage, it’s time to replace it before it gets worse and causes additional problems down the line!
The Bottom Line
As is the case with any investment, you must make sure you hold all the cards. Do not let yourself be tricked into making an acquisition that may end up being detrimental to you. Be careful to observe all the abovementioned aspects when looking for a fairly valued property.
