31 Jul Investment Property Tips
Investment Property Tips
Are you considering an investment property to add to your financial portfolio? An investment property can be a great option for building long-term wealth, however there can also be expensive pitfalls. Here are a few tips to help you get started.
- What type of investment do you want? There are several options for the type of property you can invest in. We have all heard that location is key, however what type of property you chose is also critical.
- Single-family homes, including condos and townhouses
- Vacation properties
- Multifamily properties
- Business properties
- Land investments
- How do you choose the right real estate investment property? Once you have determined what type of property you want to buy, it is important that you consider a few other factors.
- Is the area growing? do your research on the economy, future employment opportunities and the infrastructure plans for the area.
- Know the area: find out everything you can about the area, including schools, shopping, dining, entertainment, demographics, etc. The more you know, the more prepared you will be. Knowledge is power!
- What does the future look like? Unfortunately, none of us have a crystal ball, however if you do enough research, you can predict it. Visit the government websites to see what their long-term plans are for development.
- Invest wisely: you can’t buy just any random property and hope that it will pay off. You need to do your homework, research and take your time to invest wisely. And then research a little more!
For more than forty years, the Knipp name has been helping landlords and investors with their real estate development needs – including renovations after a natural disaster. We invite you to visit us online at www.KnippContracting.com or www.KnippCommerical.com and view our portfolio.
Our team of experienced experts are ready to help you with all your construction and real estate development needs. We look forward to hearing from you soon!