If you want to buy investment property in Chester County, look at Avondale, Glenmoore, or Chester Springs. These towns have the fastest-growing home prices in the county. This is just one factor to consider when choosing investment property.
With the guidance of an experienced property manager and these tips, you will expertly expand your property portfolio.
1. In Good Condition
Look for a property that doesn't require a hefty repair investment before it becomes rentable. This will delay your ability to generate a profit. A newer, well-maintained home is your best option when investing in rental real estate.
Then, you can hire property management services to do the maintenance. That way, your expenses are minimal with upkeep instead of consisting of significant improvements.
2. Desirable Neighborhood
Invest in a property in a desirable neighborhood to get the most for your property investment. Choose one that is safe, has desirable amenities, is near high-quality schools, and has a thriving employment economy.
A property manager active in the local market can help you identify the most desirable markets. You can use their experience to invest in the most profitable rental markets.
3. Potential Income
Hiring a property management company can help you perform a market analysis. This will tell you about the income potential of a property. The property manager will look at comparable properties.
This includes properties in the area with similar square footage, bedrooms, bathrooms, and amenities. This will tell you what tenants in the area are willing and able to pay.
You can also use this information to determine the unique selling qualities of the property. Properties with unique amenities and features are more marketable and command a high rental price.
4. Property Taxes
You will have to pay property taxes on your investment properties. However, the amount you pay can vary significantly in your target investment area. You can use the Chest County appraiser website to calculate a property's tax rate.
This is also the place to look up previous tax rates. That way, you can determine if the property is viable to invest in.
High property taxes are not automatically a bad thing. A desirable property in an in-demand area may have high taxes but is also highly profitable.
5. Future Development
Look into the future development plans of the area surrounding a potential investment property. A lot of construction is a good sign of high future growth. This can be a good sign of future value increase.
Look out for future planned communities. A lot of new housing near your investment property could mean increased competition for your rental.
Find and Buy Investment Property
Consider these five tips when looking for your next Chester County investment property. Look for a home in good condition in a desirable neighborhood with plenty of nearby development planned.
Key PA Property Management experts help clients find the ideal investment property in and around Chester County. Our experience enables us to locate outstanding properties through data-based analysis.
Find the perfect investment property for your portfolio with the help of Key PA Property Management.
