Buying a residential investment property in Denver can be a very fruitful endeavor. While it can be tempting to leap at the first reasonable opportunity, taking the time to consider your potential investment from all angles will help you steer toward a better and more profitable experience. Here are a few factors to consider.
Location and Amenities
This can be one of the biggest make-or-breaks of your whole investment. When evaluating a property, investigate the surrounding area. Good schools, low crime rates, and easy access to shopping centers, public transportation, and major places of employment make a neighborhood attractive to a wide cross-section of potential renters. On the other hand, appealing amenities can be a big selling point when it comes to renting your Denver property quickly. Interior finishes are even more important. While renters expect paint and flooring to be in relatively new condition upon move in, kitchens and baths with tile floors and trendy cabinetry and countertops will be seen as a major plus by most prospective tenants. Features such as garages, laundry rooms and spacious closets are definitely a plus too!
Condition
A “fixer-upper” may sound like a fun project but keep in mind that major home improvements can often require more time and money than originally anticipated. When bargain-hunting, look for houses that need easy upgrades and stay away from properties with major issues. Remember that in most cases, spending the extra money to purchase a move-in ready home may end up costing you less money in the end. You will also be able to generate cash flow much faster, given that you’ll be able to quickly place tenants in the property. So the decision to buy a move-in ready home versus a fixer-upper should not be taken lightly.
Price
There are a couple of things to consider when determining whether a property’s asking price will work for you. First, avoid buying a Denver home that’s priced at the very top end of your budget. Choosing a property that falls well within your budget will not only give you some breathing room if unexpected expenses pop up, it will put you on the path to owning your asset debt-free, the key to major earnings potential.
Let the professionals at the Bandy Team help you buy or sell a Denver property, contact us for a no-obligation consultation. If you are thinking about buying Denver Real Estate, we can show you some terrific properties, including real estate for sale in Castle Rock, homes for sale in Parker, as well as, properties in Aurora.
Whether you have a house in Castle Pines or property in Centennial, we can sell your home! Curious about the value of your Denver home? Click here for a quick estimated home value.
Our trusted professionals will be there to help you every step of the way!
Until next time,
Marianne Bandy, Team Leader
The Bandy Team
Keller Williams Park Meadows
720-466-3790
