When to have a Property Assessment Done?
Thinking of buying a rental property? Are you wondering if the property you’re keen on is a solid investment? Will it rent? If these questions (or others) are on your mind, and you want an experienced industry expert to do the legwork and provide a comprehensive assessment of this property’s viability as a rental, then keep reading.
Even the most experienced real estate investors and landlords may not be up on every neighborhood’s status, and current trends in the market or have the time to do the research. However, if you’re serious about being profitable in this market, please do your due diligence or hire someone to do it for you.
What’s Included In a Property Assessment
I evaluate the property, research the area, and give you the honest feedback you need to make a decision and may even wind up with some negotiating points.
What’s involved and included in a property assessment? The following list of highlights is by no means everything, but it gives you a general idea of the depth and value of what having an assessment can do for you in making the right property choice.
Each property assessment will provide:
- Determination if this property is worthy of tenants?
- Property Assessment Overview
- Appraisal of rent
- What property consists of (and what’s missing)
- Profile of tenant – what type of tenant will want it
- Suitability of the property for rental
- A summary of who lives in the area, schools, parks, ages, renters profile, rents, the average longevity of tenants.
- List of repairs required
- Safety and security assessment of the property and area
- Does it meet compliance
- and more
A Property Assessment is for you if
- You are thinking about purchasing and not quite sure if the purchase should be a house or an apartment.
- Have a property you are seriously considering purchasing but want to make sure it will meet your cash flow goals
- You have a busy schedule
- You don’t know the area well
- You have less than 2 properties in your portfolio
- You know you need to do your due diligence, and you want to make sure you don’t miss important things
- You’ve had a bad experience in the past because of unknown issues with the property
- You are planning on fixing up the property and/or renting it out
- You want to have another expert on your team to evaluate the property
- You want to determine how profitable you can be with the property or avoid loss
- You want long-term tenants
If you answered yes to 2 or more of these, then a property assessment is likely the next best step.
Contact us today to discuss.