Prior to the purchase of a rental property, it’s always a good idea to look at all the various factors that may affect the property. When you’re considering purchasing an income property or other real estate investment, it’s important to contact a local appraiser. The appraiser’s opinion of value may support your findings, or may put you in a better position when negotiating with the seller. The appraisal report can provide backup and support when writing an offer to purchase If you are looking to invest in an income unit(s), it’s important to examine the income and expense details along with the demand in rental market in the area. This must be taken in consideration to be certain the investment is protected.
Also, you should be clear on how much you should charge for rent. We can give you an accurate assessment of the history of market rent in the surrounding area. Along with the current inventory (supply) and marketing times (demand) for rental units in the market area. This data will allow you to identify trends and will provide better insight when setting the rental price and terms accordingly.
Many investors order an appraisal for their rental properties every few years to remain updated on the rental market. Not keeping up with the ever-changing rental market can prove to be a costly mistake.