Do you want to start your real estate career right now but don’t know where to actually start? Well, you can start by investing locally. This is a particularly good approach for beginner investors as small-scale locations for real estate investments are the best way to gain confidence and experience. Below are the main characteristics that are common among the consumers of housing in any location.
1. Convenience
Most people prioritize convenience over aesthetics, so you should consider it while investing in real estate, especially for a beginner-level property. People want to live in a house with jobs, community centers, stores, and other utilities within a 10 miles radius. Until you target exotic spots, you should consider investing in areas most people want to live in. Neighborhoods that include institutions, substations, shops, and cafes are convenient for people searching for a property.
2. Walkability
Be it a town or a city, walkability is a serious concern for people who are looking to buy a house. People love having a break from being cramped up in their homes. A walk in the fresh air helps both physical and mental health, so people have become interested in residing in a place that provides them the chance to walk to nearby places. As an investor, you should look for properties in an area with greenways, biking paths, residential pathways, and clean walking spaces. There is a website entirely dedicated to find and rate locations around the country based on the reviews of walkers called walkscore.com. Walkability is connected to higher property value. It has been a consistent demand, especially in small towns and metro areas. So don’t take it for granted.
3. Safety and security
A common want among people is to live in a safe and secure environment. No one wants to live in fear of snatchers, petty theft or any crime. Although it is not in the hands of landowners, you need to study the crime rates of the area you invest in. Websites like City-data.com crime reports and ADT Crime Map provide you statistics with mapping features to know the crime rates of any location. These online searches are good ways to keep track on a local level and decide on your investment. Besides, you can also have a chat with the neighbors and property managers before investing. Another way is to visit the location at odd times like early mornings on weekends or late hours at night to determine the aura and environment of the surrounding area.
Conclusion
It is not easy to perform a market analysis before investing in real estate. If you are keen to invest in your area, the mentioned three criteria can guide you in evaluating the strengths of your property.
