Investment properties are among some of the most lucrative sources of passive income, but only if buyers choose wisely. A good property will attract lots of qualified tenants, have few major repair issues, and be situated in a neighborhood that’s conducive to ongoing appreciation. Following are several key features that you should look for when choosing a house for sale in Irvine.
Reasonable Property Taxes
As a homeowner, property taxes will always be an inescapable part of your overhead. If these annual charges are too high, they’ll invariably lead to a much slimmer profit margin. Property taxes are not guaranteed to be the same from one area to the next. Before committing to a home, check out the property tax records on file at the local assessment office to determine whether or not the property will have a manageable overhead.
A Robust Job Market
A healthy job market and a robust rental market go hand in hand. When there is plenty of employment in the local area, prospective tenants have a better ability to pay top dollar for their homes. Neighborhoods are also far more desirable to live in when they don’t entail a lengthy commute to the nearest business district.
Low Crime Rates
It is also a good idea to check out the crime statistics for a neighborhood before targeting any local, investment properties. While Irvine is one of the safest large cities, crime statistics are something that most prospective tenants will be looking at as well and thus, they can have a significant impact on the overall marketability of your building or unit. Learn more about vandalism rates, petty and serious crimes, and all recent police activity.
Depending upon the types of tenants that you intend to target, you may want to look for your investment property in a neighborhood that has top-rated schools. This is especially important if you plan on investing in a single-family home or a townhouse for sale in Irvine. It is vital to note that having low-rated schools in the neighborhood can have a very negative impact on a home’s resale value. Due to this fact, even if you don’t intend to rent to families, the quality of local schools can still affect the long-term potential of your investment.
High-end, in-unit amenities shouldn’t be your top priority given that you always have the option of upgrading these features as time goes by. If you’re hoping to make swift profits on your new investment, however, high-quality and brand new appliances and other in-unit features will certainly make it easier to market. Built-in features like fireplaces or even in-building additions such as workout rooms, hot tubs and swimming pools can all make an investment property more desirable.
Nothing trumps location when it comes to finding the right investment home. This is the single property feature that you’ll never be able to change. A great location will have top-rated schools, limited crime, a healthy job market and reasonable property tax rates. It will also have a good walk score. Neighborhood walk scores denote how easily residents can travel to essential businesses on foot. When shopping for an investment property, look for condos, townhouses or homes that are near a number of attractive businesses that can be quickly and safely accessed on foot.
If you’re looking for a great investment but are unfamiliar with the Irvine area, we can help. Our focus is on Irvine and Irvine alone, allowing us to know the local market forwards and backwards. Give us a call today at (714) 454-6304 and let us help you find an Irvine home for sale with nothing but resale potential.