What type of property will be your first real estate investment?

Your Ideal First Real Estate Investment

Purchasing a first real estate investment can be a process that can take you long, and we’re not even talking about all the paperwork it takes. Just choosing what to invest in can take much of your time, but don’t worry, it is completely normal. This is a huge decision we are talking about.

Nonetheless, in this blog, you will go through a few steps that will help you to determine what type of property to invest in. An important decision like this one can also be quickly made if you follow the correct process. Read below to know the factors that will help you determine the ideal real estate investment for you.

What’s Your Target?

Houses, apartment buildings, condos, and townhouses are all examples of real estate properties you can decide to invest in. The first thing you should consider is the profile of the renter you want to attract. Is it families, business people, students, couples, etc.?

One may argue that if you can invest in a huge apartment building, you should just go for it, but there is more to consider. Would it be better to invest in several townhouses, instead? Investing in one expensive property is not necessarily better than investing in several more affordable ones. In most cases, it is actually a smarter investment.

For this reason, thinking about what audience interests you more can help you achieve a more effective tenant placement in the type of property you invest in.

Consider the Costs

Perhaps you are considering investing in a big house, one where an entire family can live. That is a great idea, but perhaps a multi-family home is a better option. This later one may be more expensive, but you’ll have more tenants and more passive income to collect. 

But you also need to consider the maintenance costs, as more tenants typically mean more maintenance.

Your case, in particular, may be different. This is why we recommend you search for property management companies that can assist you with this process.

Wilkinson Property Management to Your Service

If you’re planning on selling your real estate property, you can now stop searching for property management companies. Wilkinson Property Management, we get the job done. We make a competitive market analysis that will help to determine the right price for your property by researching the marketplace in detail.

At Wilkinson Property Management, we promote your house and attract agents all over the area, bringing the people who will buy or rent your property, resulting in adequate tenant placement. Click below to get an estimate of your property value.