In condo investing, there are other things you need to consider aside from the specific unit that you need to buy. You also have to carefully think about the neighborhood where you will be buying. This is most especially true if you plan to rent out the condo unit. Keep in mind that location is one of the primary motivating factors for most renters.
In addition to attracting lots of potential renters, buying from the right neighborhood will also help make your condo investing journey smooth and flawless. Listed below are some of the factors of the right neighborhood to invest in.
- Distance from place of work
Consider whether or not the neighborhood you are planning to buy from is near or far from most businesses and schools, if you’re looking to rent to families with children. You are likely to get more offers if you buy from a neighborhood that is near to most places of work. Don’t forget to consider traffic times when calculating distance. There are places where there is heavy traffic so going to work takes more than hour instead of 15 minutes if there is no traffic.
- Access to transportation
Not all renters have a car of their own. So you also need to make sure that you start your condo investing in a neighborhood that has easy access to all types of transportation. Make sure that there is a direct route to the common places of work so your tenants won’t have to make a lot of transfers, which makes them more tired and causes them to be late for work.
- Availability of necessities
These include the other areas that you frequently visit aside from your office and school such as the grocery store, mall, bank, pharmacy, hospital, laundry service provider, gym, and many others. If you buy from a neighborhood that is near to all of these services, your renters will have no problem finding their way in the neighborhood. Plus, they wouldn’t have to spend time and money on driving or commuting around town to find the establishment that they need.
- Options for entertainment
It is also worth it to consider if the neighborhood has a wide range of options for entertainment like night clubs and restaurants. If you plan to target young professionals or college students, this is definitely worth considering. Keep in mind that if your goal is to rent the condo unit, you need to make sure your prospective tenants have everything they need to live a satisfying life in your condo unit.
Location is important not only in condo investing but also in other types of real estate investing as well. Contact Jerry Pinkas Real Estate Experts now to get professional assistance in finding the best location for your condo investment.
Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
Your condo investing needs come first.