Arizona Investment Property
Purchasing an investment property in Arizona can be one of the best financial decisions you’ll ever make. However, if not done properly, it can be one of the costliest decisions. Owning your own investment property isn’t easy – it requires thorough knowledge and research of land and investments. But wait; how do you even know what to look for in an investment property?
Finding a good investment property can be one of the hardest things to do. There are a lot of different options to consider. That’s why Mosaic Properties is here to tell you what to look for in an investment property in Arizona. Keep reading to find out more!
Single Family Detached, Apartment Style, Townhouse, HOA, No HOA, so many choices. The type of property you invest in should reflect what your investment strategy will be. For example, an older home that may need more work but will benefit you as it appreciates faster due to improvements OR a newer home that will be more maintenance free but more expensive. It is important to choose the right property type for your investment needs. Mosaic Properties can work with you to figure out what those needs are.
Location heavily influences an investment property’s success. Tenants aren’t too keen on renting a property in a bad neighborhood, so it’s important to ensure that the location is ideal.
Families typically prefer living in neighborhoods with a variety of different schools, parks, grocery stores, etc. Seniors may prefer living in quieter residential areas. The location of your investment property will also determine the type of tenants you can expect in your home. For example, an investment property next to Arizona State University will probably attract a greater number of student tenants.
That’s why it’s important to offer a location that potential tenants will prefer, and a location that can attract the type of tenants you want.
If you’re looking to appeal to families or tenants who are looking to have children, you’ll want to invest in a property that is located near a school.
However, it is also important to find a school with a good reputation and name. It is crucial to do thorough research on the nearby schools for quality assurance, since many tenants are unwilling to live by/send their children to schools with a bad rep.
If the schools around your investment property have respectable statuses, your rentability automatically increases the value of your property.
High crime rates can have a severe impact on the value of your property. The chances of finding tenants who are willing to rent a home in a crime-ridden neighborhood is very low. People are unwilling to live in unsafe neighborhoods, so an investment property in a bad neighborhood has no chance of attracting tenants. Therefore, you’ll want to choose a place with a lower crime rate.
For example, in 2015, Gilbert, AZ was deemed the second ‘saintliest’ city in the country. Chandler, AZ was also on the list. By purchasing an investment property in these areas, you can guarantee a safe and family-friendly neighborhood.
Of course, for many people, it is important to find a home in an area with a lot of employment opportunities. People are more willing to rent properties in places that have a lot of job prospects and openings, since it can be difficult to find work in a neighborhood that doesn’t offer much.
Tenants prefer locations with growing employment opportunities, so an investment property in an area with a good job market is your best bet. The US Bureau of Labor Statistics is a good resource to see where a certain city stands in terms of employment rates.
It’s difficult to find and handle the right investment property. In fact, you may still have questions, even after reading our list – but that’s okay! Mosaic Properties is here to assist you.
Mosaic Properties is here to help
For years, we’ve been setting a high standard in Phoenix property management, and can help you find and build an investment property that will maximize your return on interest. With our help, we can help create and build an investment property that will maximize your return on interest for years to come! For Chandler property management, or property management in Gilbert, Mesa, Tempe, Phoenix or any other surrounding areas, give Mosaic Properties a call.
We’ll take care of the heavy lifting for you!