Three Questions To Ask Before You Buy Your First
Atlanta Rental Property
Having your own Atlanta real estate investment could be one of the best things you could ever do. If you operate a rental property properly, you can enjoy profits for many years to come. However, before you buy rental property in Atlanta, there are a few things you need to watch out for. They are not anything special or tricky, just as realtors and property management company in Atlanta, we have been asked many times to help investors to purchaser rental properties. So here's a short synopsis of our findings.
Be Fully Aware of the Features and Benefits of your Investment Property
You should take a careful look at the many features that come with any rental property you seek to acquire. Be sure that you consider the following issues about your new investment property:
- What is the neighborhood like? Is it a family friendly environment?
- Is the home near any popular attractions or points of interest that might make the local area more appealing?
- Are there recreational attributes to the property that can be utilized by tenants?
- Be sure that you are fully aware of any improvement opportunities at your investment properties. These include opportunities for renovating and repair.
What's the Price History?
You must look into the history of the price of whatever home you want to invest in. An Atlanta investment property management firm can assist you by verifying price information and valuations for properties that you may be interested in. ALH|Podland Realty & Rental Homes Property Management can provide you with current valuations, as well as factors that may have influenced pricing over several years. It is important to know not only whether a property is increasing or decreasing in value, but also why the value has changed. These changes can often reveal opportunities in how you manage the property.
Check On Its Condition
Often, investment properties become available that have been subject to a certain amount of neglect. It is important to be fully aware of issues that may require additional costs:
- Is the electrical system in need of repair or improvements?
- Is the foundation sound? Many foundation repairs can be quite costly to address.
- The condition of siding, particularly painted siding, can be an ongoing and costly issue for an investment property.
- How old is the HVAC system? Has it been maintained regularly?
Always utilize a professional property inspection prior to purchasing a property, and make sure that you are aware of ongoing maintenance costs before assuming your profit margins on an investment property. If you are considering a property that is in need of some repair, consider also how your investment in those repairs might net a return for you. While some renovations offer a positive ROI, others may not. If you are unsure whether potential added costs will be worthwhile, contact the professionals at ALH|Podland Rental Homes Property Management and we can provide you with sound advice regarding your potential investment property purchase.
Buying the right property and managing it successfully can be a challenge. ALH|Podland Realty & Rental Homes Property Management can help through the process of managing your rental properties to ensure that your tenants are satisfied and that your buildings are maintained with profitability in mind. These important details should not be ignored and a professional property management firm should be a part of your investment property business plan.