It’s a great time to buy investment real estate Frisco TX. There’s a demand for both rental units and home ownership in Frisco. If you have money to invest, be aware that different types of property may provide varying income over time. Talk to your real estate agent and banker about possible outcomes for rental homes, apartment buildings or vacant land in the Frisco area. Consider these five tips as part of your investment property plan.
1-Study the Market Condition in Your Target Area
Look at as many properties in the desired location as possible. Ask real estate agents and residents questions about crime, property values, business climate and other factors that make up a neighborhood’s profile. Don’t depend on second-hand news reports or internet profiles, go to the source. Compile information from independent data sources on property values, demographics and average rental costs. Learn about construction in an area that may impact traffic, noise patterns and other factors affecting potential tenants.
2- Consider Becoming an Owner-Occupant
Buy investment real estate Frisco TX and live in it initially with the goal of renting it out later. When you live in a house for one year or more, it’s possible to make a smaller down payment. If the property is VA or HUD-approved, your chance of a small down payment increases.
Purchase another house after you’ve lived in your current property for at least a year. Rent out the original property and move into your new house. This approach isn’t for everyone. Families with school-age children may find frequent moves difficult, but couples without ties to a particular neighborhood may benefit from owner-occupancy.
3- Make Rental Property Attractive
Present your property in a low-key but classy manner to attract and keep quality tenants. Keep bathrooms and kitchens in good repair. Paint walls in neutral tones and replace worn carpeting or linoleum. A well-maintained apartment or rental home will attract better tenants and command a higher monthly rent. This will also increase the resale value of the property.
4- Find the Right Property at a Good Price
Locate investment real estate Frisco TX that is likely to increase in value. Frisco and surrounding areas are experiencing an influx of residents and commerce, so most neighborhoods will provide good value for investors. You’ll still need to research property values in the areas you’re considering, even though the overall market is excellent.
Access information from real estate agents and lenders on properties. Always focus on choosing the best long-term investment. Don’t buy a house or other property because it’s cheap or because you’ll get a tax break. Choose investment real estate that is likely to increase in value and be easier to sell in the future.
5- Choose Property That Will Provide Steady Rental Income
Buy investment property close to toll roads, schools, shopping and other amenities that residents need. A cheap rental property in an out-of-the way place may attract undesirable tenants – or no takers at all. Consider the value of the surrounding area as well as price when choosing investment property Frisco TX.
Iryna Mitchell investment real estate Frisco TX can help first time investors and others who need help finding the best rental property for their money. Iryna Mitchell Realtorhas received a 5-Star Professional designation by Texas Monthly Magazine for 2010-2019. She is dedicated to “thinking outside the box” when helping clients achieve all their investment goals. Call Iryna at 903-439-5454 to learn about available investment property in Frisco and outlying areas.
