Ready to buy an investment property in the Fort Myers area? The location of the property will have a huge impact on what kinds of profits you’ll be able to attain. In our latest post, learn how to choose the right neighborhood for your investment property in Fort Myers.
When deciding where to buy, it’s important to consider more than your opinion of the area. While you should like the neighborhood, it needs to be a hit with potential renters too. Some of this can be judged by putting your feet on the ground and exploring the neighborhood for yourself. For other things, you will need to take a look at the numbers. Keep reading to explore our tips for choosing the right neighborhood for your Fort Myers investment property.
Demand
The current rental market can vary depending on location and economic factors. A high availability of homes for rent may indicate lower demand, potentially leading to difficulties in finding tenants for your property. Ideally, you’ll want to invest in a property located in a high-demand area. In such areas, there should be relatively few rentals available, and those that are listed should be well-priced. Owning the right property in a high-demand location is likely to yield profits for years to come.
School District
Even without kids, living in an area with a good school district will help to ensure you are in a quality neighborhood. There are many ways to check out how schools in your buying area are ranked. Great Schools is an excellent resource that offers rankings based on a number of factors. It is a great way to get a quick snapshot of the schools in your area.
Job Market
The location where you purchase your investment property should boast a robust job market, ideally with promising future growth prospects. This ensures that your tenants will have access to stable, well-paying employment opportunities, crucial factors in ensuring consistent rent payments each month. You can gather insights into employment prospects in your area by consulting the local chamber of commerce, perusing local classifieds, and reviewing the US Jobs Report.
Convenience
The property should be in a convenient location. You will attract many more prospective tenants and/or buyers in a place that is easy to get to than you will in a remote location. Shops, restaurants, and access to major roads are all great things to have nearby. Walkability is a huge factor and can really increase the response to your property. A property with many things in the area will be much more in demand than a house located in the middle of nowhere.
Public Transportation
More and more people are choosing to rely on public transportation to get around. If there are viable options within your city, make sure your property is in close proximity. Many renters, especially those of younger generations, will be looking for houses specifically with easy access to public transportation. Whether it be a train, subway, or bus-line, being able to get around without a car is becoming more and more appealing.
Neighborhood
When purchasing a property, aim for a neighborhood with desirable features and abundant amenities. Look for areas with excellent parks, well-maintained sidewalks, and other attractions that draw people in. If possible, take the opportunity to engage in conversation with neighbors you encounter while exploring the area. Be respectful and considerate, but gathering insights from locals can help you identify a great property in a desirable location. Additionally, interacting with neighbors can provide you with a sense of the community vibe and help you determine whether the neighborhood aligns with your preferences, whether you prefer a close-knit community or a more private environment.
Crime Rates
Nobody aims to live in a high-crime area. While you will likely be able to find affordable properties in these areas, you’re not as likely to find buyers or tenants who want to live there. Check out the crime rates for your neighborhood using sites like Crime Reports and Neighborhood Scout can give you a good idea of what to expect in your area.
Future Development
Before buying, do as much as you can to understand what future development in your area will look like. New homes and businesses will have an impact on property values and the amounts you are able to charge in rent. Check with your city and county to learn more about development plans for your area. Buying in an up and coming part of town is an excellent way to secure high a return on your investment. By understanding whats coming, you’ll be able to find the property that is right for you.