Charleston Property Management | What to Look for In Your First Investment Property
Getting into real estate and single-family rental homes is a very exciting time. More people than ever are investing in properties to use as long and short-term rentals and using Charleston property management companies to produce bigger than ever profits. Before you begin looking into the Charleston property management teams to build upon your success however, you need to purchase your first investment property. Making a large investment such as a home can be nerve wrecking, but if you keep these five things in mind while looking, you’re sure to find the perfect property to turn into a single-family rental home.
Location is Everything For Your Property
Location is the most important factor to consider when purchasing your first investment property. The location of the home will determine the amount of rent you can charge, the quality of renter you will entice, and the vacancy rate you could experience. You should investigate the safety, market rent, and home values in the neighborhoods you are considering purchasing property in.
Property Management Financial Aspects
What is the home selling for and how much will it cost to make it rent ready? Many first-time investors will try to buy homes at auctions or foreclosures because they are getting a great deal on the first year’s property taxes and assessed home value; however, depending on the cost of rehabilitation needed, homeowners can find themselves in a hole. You want to choose the property that makes the most financial sense with the least amount of risk.
Maintenance Is Key In Property Management
Some investment properties will take more maintenance than others to hold their value. Student and vacation rentals, older single-family homes, and low budget apartments always end up having high maintenance costs. Choosing a home with high maintenance risk is another great reason to invest in Charleston property management as well. Let a team of professionals handle the maintenance so it gets done correctly and quickly.
You might be tempted to let your emotions play a role in purchasing your first property, but you must look at each home as a business rather than somewhere you would want to live yourself. Working with a property manager is the best way to increase your home market savvy and get investment properties under your belt that have a huge return on investment.
If you’re ready to start a partnership with a property manager in Charleston, call Scott Properties at 843-972-9008.