3 Things to Consider Before Buying a Property

Whether you’re purchasing an investment property to flip or hold on to, or purchasing a property for personal use, you will want to consider these three factors.

Projected Growth

Is the area where you’re looking to buy gaining or losing population? You may be able to get more acreage per dollar by buying in a region that’s depopulating because there’s less demand. Why would you want to do this? One reason may be that you want to stretch your dollar, another is you’re expecting a boom over the next ten to twenty years and want to invest long-term. Whereas a growing population means a higher price due to more demand, but a faster return.

Amenities and Demographics

What kind of people live in the town or city where you are thinking of buying? If you’re going to be living on the property or reselling it, you want to know your market and your neighbors. Does the population require good schools and parks, access to public transportation, and vibrant nightlife? A popular type of community to invest in is the growing small town. The costs aren’t as lofty as urban areas, and returns come faster than rural investments. In Virginia, Suffolk land for sale is in a growing region with a variety of lifestyles, and waterfront properties.

Use and Zoning

If you’re buying multiple acres, is it zoned to be subdivided, or will you have to keep the land whole? If it’s rural, do you have water rights? Could you develop the land for residential, commercial, or multi-use purposes? It is essential to know the answers to these questions if you plan on improving your investment or selling it to a developer in the future.

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Investing in real estate can provide high returns and steady income. Do your research and find the right properties for your portfolio.