Whether you are looking for a luxury property to serve as your next home or you are interested in finding an investment property, ensuring you are using your money wisely is an important step in the process. After all, even if you do plan to live in the property for several years, there is a good possibility that you will want to sell the property at a later date or that you may choose to convert it to a rental property as you move to a new home. Therefore, it is a good idea to find a property that you love that will also provide you with either a great resale opportunity or rental possibility. Here are three factors that you should keep in mind when searching for an investment property or a property that will otherwise provide you with an opportunity to earn a profit when the time comes to sell or rent at a later date.
It is no secret that location is the key to real estate, but it becomes even more important if you are interested in purchasing an investment property that you plan to use as a rental. To attract tenants, you will need to purchase a property where rentals are permitted as well as where there is a great demand for rental property. The location will also determine how much you can earn from your rental property, as some areas are characterized by higher rental rates than other areas.
When it comes to finding the perfect rental property, you will need to consider the quality of the schools as well as the amenities that are available in the neighborhood. Amenities that many renters will want to have available to them include nearby parks, movie theaters, swimming pools and access to public transit. Most renters are also looking for a property that is located in a quiet area with low-traffic and on well-kept streets. Those neighborhoods with low crime rates that do not have mixed housing types are also popular among those who are interested in renting.
Vacancy rates are another important consideration when purchasing an investment property. A high number of vacancies in the area can indicate that the rental market is seasonal or that renters are no longer interested in the area. Purchasing a property in low-vacancy area will not only make it more likely that you will be able to find a renter, but it will also allow you to charge a higher rate for your rental. Obviously, if you hope to make money from the property, you want to be able to charge enough for rent to cover your costs with some money left over.
While you can easily make some renovations to a home that will help meet a quality living standard, changes to the floor plan can be difficult or not possible. If you plan to live in the home, look for one with a floor plan that suits your taste while also serving as a good potential rental or resale property. To be competitive in the market, you need a home with a modern floor plan or one that can be easily modified to meet the current trends.
If you need help finding the perfect property in Southern California, contact our team of real estate agents. We specialize in luxury properties in the area’s most exclusive neighborhoods.
While you’re still searching, feel free to browse through our listings priced at $3 Million to $6 Million.
$3,899,000 : 247 N KENTER Avenue, Los Angeles3 beds, 4 baths
$3,849,000 : 15410 Hamner Drive, Los Angeles6 beds, 7 baths
$5,300,000 : 10800 WILSHIRE Boulevard #1503, Los Angeles3 beds, 4 baths
$4,150,000 : 8480 HAROLD Way, Los Angeles3 beds, 5 baths
$3,095,000 : 625 S BURNSIDE Avenue, Los Angeles0 beds, 0 bath
See all City of Los Angeles Luxury Homes For Sale.
(all data current as of 6/22/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.