When looking to purchase an investment property it is crucial to pay attention to the details of the home you are purchasing. For example, is the foundation in good shape? Is the plumbing and electrical going to pass inspection? Even if you think you know the real estate market inside and out, it is easy to overlook some critical factors. Check out these 3 things that are often overlooked.
- Crime
You can have the nicest rental in the city with the best amenities, but if it’s sitting in the middle of a dangerous neighbourhood, nobody is going to rent it. In cities like Toronto, a high-crime neighbourhood can be one short block away from a low-crime, residential neighbourhood. This being said, it is important to research the area thoroughly to ensure you are purchasing in a safe zone. Don’t simply ask the property owner but do your own research online.
- Schools
Chances are, you will come across tenants who have young children or who plan to have children down the road. This means access to schools is really important. Check the neighbourhood out for the closest elementary and high schools and then research the quality and reputation of those schools.
- Future Neighbourhood Developments
Find out if the potential neighbourhood is growing and thriving by researching the city’s future plans to build. Are there new condo developments, parks, restaurants, or malls planning to move into the area? If so, it’s a good indication that the neighbourhood is growing and so will your property value.
Remember, it’s not enough to buy a great house if nobody wants to rent it from you. Don’t forget to consider these factors before purchasing an investment property.
For help with your rental property, get in touch with us at Performance Property Management right now at http://performancepropertymanagement.ca/