8 Things to Consider Before Investing

keys to invest in property

Getting into the real estate game can be a bit daunting, but at Property Management of VA, our knowledgeable team guides you through the entire process.  We want you to be successful so we have created a few tips to keep in mind before you get started.

Here are 8 tips before investing in property as a first-time investor:

  • Location is important. Research the area you want to invest in and make sure it’s a good fit for your investment goals.
  • Get your financial situation in order. Make sure you have enough money saved up for a down payment and other expenses.
  • Research property trends. Look at the local real estate market and see what types of properties are in demand.
  • Inspect the property. Make sure you have a professional inspection done before making an offer.
  • Prepare for the responsibilities of being a landlord. This includes finding tenants, collecting rent, and maintaining the property.
  • Keep abreast of new developments. Stay up-to-date on changes in the local real estate market.
  • Bear in mind tax implications, levies, and other costs. Make sure you understand all the costs associated with owning a rental property.
  • Be prepared to put down a deposit.