There are a lot of things to think about when choosing the best Hamilton Investment Property for your needs, but it’s not as hard as you might think. You just need to know what questions to ask yourself and how to evaluate potential investments from there. I’ll go over some of the most important factors here so that this process becomes easier for you.
The first thing you need to consider is location.
The first thing you need to consider is location. Location is the most important factor in determining the value of a property. While this may seem obvious, it’s easy to forget that where your home is located matters just as much as what kind of house it is or how much money you can spend on renovations.
As you look for properties, think about what kind of neighbourhood would suit your needs best. Is it important for you to be close to work? Do other family members live nearby? How accessible are schools and public transportation? What kinds of amenities do you want nearby (grocery stores, parks)? These questions will help narrow down what kind of community would fit into your lifestyle best.
How much will it cost?
You need to be aware of all the costs related to owning and managing an investment property.
- Property: The price you pay for the house.
- Renovations: Anything you’ll need to repair or update before renting it out, including painting, flooring, plumbing and electrical work. This can be a substantial expense—the average renovation cost per room is $3-5K—so make sure you factor this in when estimating your total cost.
- Property Management (PM): The company that will handle everything from marketing your property to finding tenants and collecting rent checks on your behalf.
How much space do you need?
Next, you have to consider how much space you need. Do you want to buy a single-family home, or are you looking for an apartment?
If a single-family home is more your style and budget, then there are several things to consider:
- How many bedrooms do I need?
- How many bathrooms do I need?
- Do I want a yard, garage and basement (or at least one of each)?
- A walkout basement is ideal if possible because it gives you more living space without having to build up your property value by adding an addition on top of the house.
What’s the view like?
You want to make sure the view is something you can enjoy from your home. It’s great if your property includes a lake, ocean or mountains in its view. It’s also nice to have a tree-lined street or a park in the background of your view. However, it’s not so good if you live on a busy street or highway with lots of traffic (unless you like being able to listen to cars buzzing past).
If you want to choose a good investment property, you need to know how to evaluate it.
If you want to choose a good investment property, you need to know how to evaluate it. To do that, ask yourself these questions:
- How much will it cost? You should research the current market value of your potential investment property as well as what similar properties in the area have sold for. This can give you an idea of whether or not there is a good amount of profit potential in buying and selling this home. It’s also important to note that certain types of homes (condos) may be harder to resell than others.
- How much space do I need? Do I have enough room for my family and their belongings? Are there any plans for future growth in our family size or lifestyle that would require more space? If so, then maybe it’s best if we look into buying some kind of larger home instead—one that might even qualify as an investment property!
- Is zoning right where we live already suitable for an investment property? Will zoning laws allow us enough flexibility with our new purchase so that whenever we decide its time has come (and sell), then even though things might change around us over time due to natural progression (or someone else coming along using money power), those changes won’t impact negatively on our ability promote/sell this place successfully without having too many restrictions placed upon us due?
We hope this article has given you some useful tips on how to evaluate a Hamilton Investment Property. If you want to find out more information on choosing a good property type, check out our blog post on the topic!