Without the experience of professional investors, it is easy to overlook essential aspects of a potential rental property and make a bad deal. Real estate investing is a business, and like any other, at the bottom of it all, the numbers matter. Understanding the factors that drive the current value on the market can help you keep your focus as you invest in building your real estate portfolio. Read on as we explore five things you can overlook when buying an investment property in Chicago.
When buying an investment property in Chicago, you can overlook the property’s location. After all, you are buying more than just a structure. The placement of your property can make all the difference in your investment, retaining long-term value. For instance, waterfront locations are worth more; this is why you or a trusted representative should physically walk the property and ensure the listing is accurate. Professional investors like those at PIP Realty Group consistently keep an eye on local government happenings to keep our investors aware of upcoming zoning changes and plans for improvements down the road in Chicago, as this data can heavily influence values.
Another thing you can easily overlook when buying an investment property in Chicago is the features of the property. For example, is it the right size for the tenant pool? Tiny houses may be popular, but a small place will not be popular when investing in a great family location. With a new focus on home-based lifestyles, tenants desire extra spaces for offices or studying. So too are resort-style backyards. Professional investors like those at PIP Realty Group can help you zero in on the right features for today’s tenants.
It’s easy to overlook HOA fees and restrictions when buying an investment property in Chicago. But unfortunately, some of these homeowner associations do not allow owners to turn the home into a rental property, so you could find you have done all of your work for nothing when you are ready to locate tenants. That is why the professional investors at PIP Realty Group thoroughly investigate properties for you.
Before making your offer when buying an investment property in Chicago, you should understand the differences between superficial fixes and significant issues, such as signs of a cracked foundation. In addition, it pays to network and build your team from among industry professionals or work with a highly reputable team like the one at PIP Realty Group, so you can move swiftly on great deals. Often, the first offer is the winning offer.
When buying an investment property in Chicago, something you can overlook is a reasonably priced property. When there is competition for available investment properties, you may not always get a rock bottom price. However, by assessing the long-term outlook of rental rates that are attainable in the area, you can still make sound returns on your investment.
Don’t make a mistake! Work with professional investors from PIP Realty Group who know what to look for when buying an investment property in Chicago. Talk to one of our team members at PIP Realty Group with no obligation; with years of experience, there’s no hurdle we can’t help you overcome; we invite you to ask any questions and share your concerns. Our goal is to help you achieve your dreams of passive income in retirement by making the best returns on your investment. We can help you with each step, from locating to managing your investments with our full-service team of top pros. Ask the professional investors at PIP Realty Group about our current inventory of the best investment properties available in Chicago. Call PIP Realty Group at 773.233.2301.