Investing in real estate in Arizona, much like any state, comes down to certain vital aspects such as location, convenience, amenities and the earning potential of the property. When considering any property make sure that you run through a checklist to ensure that the property in question will fulfill all of your requirements as an investor and the needs of your potential renters. The first thing that a smart investor should consider in a rental property is location.
The statement that real estate is all about location was made for good reason. The location of a rental property has a huge impact on the financial viability of an investment. If the home is located in a largely rural area it will not be as easy to rent on an ongoing basis as a property that is centrally located in a city or town. Also consider other major drawing points such as schools and colleges and major business centers. Try to keep your rental investments to areas where there is a big call for rental suites or homes in order to ensure that you are never without tenants, or income.
Earning potential of any property should be foremost in an investor’s mind. After all this is the whole point of the investment. Home quality is a big part of a home’s earning potential. Run-down homes that don’t offer much in terms of living quality may be easily rented; but at what cost? Try to keep in mind that the quality of a rental property will figure largely into the quality of renters. Good quality homes attract good quality long-term renters.
Finally, amenities that are included both in the home and by the community where the property is are important factors in the rental of a home. While things like laundry access, internet and cable and dishwashers speak volumes about the quality of the home, access to public transit, shopping and entertainment, education and recreation are the community aspects that draw renters in.
Payam Raouf is a REALTOR:® specializing in Phoenix residential real estate investment. Payam has extensive knowledge in the world of real estate investment and is dedicated to providing you with an elite level of service and information. For more info on Arizona homes and investment properties contact Payam at Payam@azezrentals.com or call 623-776-5774.