Sometimes it seems that the older you get, the more complicated life becomes, and when you have to start planning for your retirement, it gets even more so! We live longer than we ever have before, which of course means you’ll need more money to live comfortably, and everyone has different ideas as to what it will take to do so! Fortunately, almost everyone agrees that investment properties are a great solution to your investment needs, as they pay for themselves first, then continue to pay you as you ride off into the sunset of retirement! This guide to what makes a good investment property will help you find the one of your dreams!
We can’t tell you what the perfect monthly expenditure on your house would be, but we can tell you what the going rental rates are in the area you are exploring. At the end of the day it involves simple math: Make sure what comes in is higher than what goes out. No matter how beautiful the home or how perfect the location, you can’t afford to be adding to your expenditures, so stay realistic and do the math! Homes are a long-term investment, and typically you won’t see immediate returns, so plan ahead for success and be prepared to accept some small losses in the beginning before you start making money.
Investment Property Location
The perfect property won’t do a thing for you if the location isn’t right, and although the Smith Mountain Lake area is friendly and popular, there are some areas your guests won’t want to live in, even for a weekend. On the plus side, there are some areas so desirable your guests won’t mind paying premium prices for, especially if they have a lake view, so let’s concentrate on purchasing in those areas! You may have to pay a little extra, but in this case, more is better, and when you see the rent checks pouring in you will definitely agree!
Travelers get bored very easily, meaning you need to provide more than just a place for your guests to rest their heads; you need swimming pools, or hot tubs, and tennis courts or a friendly neighborhood park. In other words, you need the amenities that make a vacation home turn become a vacation experience! Luxury amenities attract luxury rental checks; again, the math is easy!
We could write a book on what makes a home a good investment property, but instead, why don’t we take you to look at a few properties in the area and show you the difference? Give us a call today and let our experienced agents help you find the investment you have been waiting for your entire life!