Long Term Investment Help

Real Estate Agent with Long & Foster

            This morning, a friend asked me how to go about finding a property that will be a good long term investment.  This was my response:

 The first thing a potential buyer should do is look for a real estate agent who knows a particular neighborhood or neighborhoods very well.  This agent should know the inventory in a particular neighborhood and even know about properties that are not yet on the market but will be for sale soon. In addition, the agent should know how long the properties have been on the market, what kind of condition they are in, if the listing is over priced, at a good price or under valued.

The next most important thing to consider is location.  Location is always very important when considering any property's long term investment potential.  Properties close to or in a downtown area are always more valuable and expensive then properties in an outlying suburban area.  Properties close to public transportation, like the Metro in Washington, DC add valuable.  Properties within walking distance or a short drive to restaurants, grocery stores, cleaners, drug stores and other shops also add value to a property.

Another item to consider, especially if a property is in a city, is parking.  A garage, garage space, parking lot space or parking pad adds value to a property.

The next question regarding a property's long term investment potential is rental information.  What is the rental history like in a particular area?  Are there many properties for rent in a particular neighborhood?  What kind of rent can a property obtain?  How long does it take to rent a property in a particular neighborhood? 

Your realtor should be able to answer all of these questions.

For more information regarding property and long term investment potential, please e-mail: michelle@buckmanrealtor.com  or visit my website: www.buckmanrealtor.com

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