Have you considered investing in the Austin real estate market? Without a doubt, this is one of the most thriving cities in the country. It's seen a 21% growth in property values over just a year!
This is welcome news for anyone who wants to buy Austin property. However, if you're new to real estate, you might feel a bit overwhelmed.
This guide will help you understand how to make an Austin real estate investment. You'll be better prepared to buy a property that you can rent out or sell in the future.
Here's what you should know:
Conduct a Rental Analysis
Your first step when looking at a property is to assess its rental value. This helps you determine how much you can realistically charge a tenant for rent.
Even if you plan on selling the property, you should research this amount. You might have to rent out the property first before you can sell it. You can hire a professional who'll offer a rental analysis and advise you on how much to charge.
Choose Your Location
The next consideration when looking at Austin property is to choose the location. All locations in Austin are great, but once again, you must decide based on your preference.
Some buyers and/or tenants would prefer a property that's near a school. Others would prefer a place that's in the heart of Downtown Austin. Take your time to research different areas to see which are the most popular among newcomers.
What Makes a Great Property?
Austin has so many types of properties that you're likely wondering what to invest in. Should you invest in a one-bedroom apartment, or is it better to buy a house?
Both options are great, and much of it comes down to your personal preference. Let's presume you have the budget for both options. You want to think about what demographic you wish to target.
Since Austin is a city of opportunity, a one-bedroom apartment is a great choice. This is perfect for a young professional or a couple. However, Austin, and Texas as a whole, is a great place for families to settle. This makes the house a great option.
You want to decide what type of tenants you'd like to work with. You must also consider the effort it takes to manage your property.
You might feel overwhelmed to choose a house over an apartment, as the former requires more maintenance. However, keep in mind that you can always hire a property manager to help you.
Invest in Austin Real Estate
Now you can better understand the Austin real estate landscape. This guide should help you decide what property to buy for your next investment.
Start by conducting a rental analysis of different properties. Assess different locations before settling on a property. Decide what type of property you'd like to buy. You can always depend on a property manager to help you.
Are you looking for a property management company that has amassed consistent positive reviews from investors like you? We at PMI Heart of Texas will be glad to help you.
