There are two things that you have to take into consideration when thinking about buying a property. You need to think about the income level of people in that area and the desirability of the property. Too many people only look at the price and that’s a big mistake.
You have to know what is desirable or you’re going to end up sitting on that property without being able to rent or sell it. The house should be affordable and desirable for people living in that area. You have to give people the properties they want and that may mean that the numbers are just not going to work out.
Little amenities will make a big difference. You can spend a little extra to make a little extra and increase the perceived quality of a property compared to others in the neighbourhood. If you’re going to rent the property out, make sure you use quality materials and spruce up the space so that your tenants will actually want to live there.
Too many people think they can clean up and repair a house in 30 days, but it’s probably not going to happen and that means their numbers are going to be all wrong. From the day you buy the property to the day you close it, every day costs you money in contractors and time.
Before you pull the trigger on a property, do your research and learn what the income levels are in the area and what kinds of properties people are looking for. This will greatly increase your odds of picking the right property instead of losing money on a property you can’t sell.
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