Because the market is more popular than ever, now is a great time to consider purchasing your first investment property in Greenville, SC. Set yourself up for success before the initial investment by following some of these tips to select the right home. Investing in a property is a great way to make money over time, and it can be a great hobby if you have a passion for Greenville real estate.
Do Your Research & Set Realistic Goals
The first and most important step is to do preemptive research and set your goals. When you decide to buy your first investment property, begin by asking yourself questions like, why are you investing? What returns would you like to see? How long do you plan on keeping this investment? And, what is your ultimate goal?
If you’re not clear on these answers, it can help to speak with other property investors. Consulting with those who have been through the process before and have had success will give you valuable insight and can help you set realistic expectations for the real estate journey ahead.
Buy a Property That is Local & Low Maintenance
After your goal-focused questions have been answered, another important factor to consider is where your property should be located. We recommend selecting a property either close to where you live, or investing somewhere you frequent often. If the property is close by, it will be more easily accessible for routine maintenance checks, emergencies or requests from renters.
Next, think like a prospective renter when buying a property and take in some of the factors that you would look for in a potential home. For instance, is the property in a safe neighborhood, are there things to do nearby, and is the house live-in ready?
You will also want to consider the physical condition of the home. Look for any potential issues that could become a future problem for you or the renter. Some of these things could be dated appliances, problems with the A/C unit, or faulty pipes. You’ll need to consider if the property is worth the investment to fix the issues. Otherwise, search for a place that is already in perfect renting shape. Remember that the sooner you are able to rent, the sooner your investment will produce a return.
Look for Profitable Features for Your Rental Property
Once you know the bones of the house are good, take a look at the home features with the same critical eye. Look for things that will be favorable to a renter like an open floor plan, natural light, updated appliances, or updated flooring. Homes with amenities like a pool, basement, attic, large yard or view can potentially increase the amount you can charge a renter, which increases your profit.
In our experience, homes in Greenville that have open floor plans, large kitchens & bathrooms, and outdoor spaces are highly sought after.
Consider Property Management Services
Selecting your first investment property on your own can be overwhelming. The good news is, you don’t have to go it alone. Parker Group has a team of Greenville experts and experienced realtors to help you select the perfect home.
After you secure a property, consider hiring a property management service to help ease the transition into becoming an investment property owner. At Parker Group, we can help you navigate finding the perfect tenants for your rental. Purchasing the right home is only half the battle. In order to start making money, you need to find reliable and trustworthy renters.
Buying your first investment property in Greenville is a big responsibility, but a rewarding one. With the right resources, your investment will pay off in more ways than one. To get started on finding your first investment property, contact Parker Group and begin achieving your real estate goals.