Are you thinking of purchasing Hunters Green homes for sale and renting them out for extra income? Owning a residential property or two is always a wise move—when you choose the right one. But, how can you be sure that you’re making the right decision? Follow these tips to spot Hunters Green homes for sale that will make the perfect investment:
Calculate how much you’ll make
Most investors believe that monthly rent should be about 2% of the purchase price of Hunters Green homes for sale. For example, if you purchase Hunters Green homes for sale at a price of $200,000, your goal should be to make $4,000 a month in rent. However, this isn’t possible for many homes.
Before you decide to buy a home, check local rental prices and see if it’s feasible to get what you need to make a profit. If there aren’t other homes priced as high as $4,000, for example, you probably won’t be able to find renters who are willing to pay that much.
Days on the market
Another number that investors need to remember is the days on the market. Check Hunters Green homes for sale and see how many days they’re listed on the market before they’re sold to buyers. To find this number, either do a quick search on online real estate listing websites or ask you realtor to look it up for you.
If there’s a pattern of Hunters Green homes for sale being sold off quickly, that means the neighborhood is in high demand. Investors should move quickly to get a piece of the action, otherwise the prices of Hunters Green homes for sale will probably increase fairly soon.
Look around the neighborhood
What retailers are nearby? Big-name brands such as Whole Foods, Starbucks and Trader Joe’s spend a lot of time researching what neighborhoods are going to be trendy in the next few years. That means if you spot one of these higher end retailers near Hunters Green homes for sale, it’s a safe bet that homes in the neighborhood will be a wise investment.
Sometimes, Hunters Green homes for sale can be sold with tenants already living in the house. In this situation, it’s important for investors to do their own research on the tenants to ensure that they wouldn’t cause damage to the property or make late payments. It’s perfectly acceptable for a potential buyer to ask for a credit report or references from the tenants who are already living in Hunters Green homes for sale.
Without taking this precaution, you could buy a home with tenants who don’t have enough money to pay you on a monthly basis or who aren’t responsible enough to keep the property in good condition. Don’t take the seller’s word for it. Always do your own research.
Ready to explore the many different Hunters Green homes for sale? Don’t delay your search any longer! Contact their team of real estate experts at Coast 2 Coast Realty by calling 1-877-585-7356.