What will increase the value of your property—meaning, what will increase the price someone is willing to pay to either rent or buy your property. Ideally, when you buy a property you want it to go up in value and you also want to be able to charge more rent to your tenants over time.
But remember, real estate is all local. So how do you research the local real estate market? What trends in the real estate market should you follow? Is there a way to forecast how the real estate market will do in the future?
Let's look at a few factors to think about when figuring out how to find value in a investment property:
- Selling prices of comparable properties
- Neighborhood statistics
- General market conditions
- Your financial status and goals
- Schools in the area
- Future construction
- Views (unique and permanent attributes)
- Location hallmarks
- Zoning laws
- Analyze government and community websites to learn about future developments, new business, or parks that might be coming into the area.
- Parks, a school with a track or a gym near by
- Freeway access or public transportation
Learn more here:
TIP: When selling a house or property, learn more about the buyer so you can present aspects that they will value. If they work downtown, you can explain the ease of using public transportation or how there's a new bike path that goes all the way to the business disctrict or if they like to run you can show them the trails nearby.