Real estate has always been one of the most solid investments out there. When you buy a house or an apartment, you’re getting something tangible—a home that you can live in, if need be, or rent out for a monthly income.
Still, it’s possible for the quality of your investment to vary, depending on the neighbourhood you’re buying in and whether it’s on its way up or down. The state of the home also makes a difference: is it dilapidated or has it been kept in a good state by previous owners? Here are a few things you should keep in mind when investing in Belleville real estate:
1 State of the home. When you look at a home, you can generally tell if it’s in a good state or not. Obviously, if the floorboards are rotting and the roof has holes in it, then its not a good investment. Especially if your buying an investment property you should check the appliances to make sure that they haven’t outlived their usefulness. If the home is in a bad state, it might still make a good investment if you’re willing to put in the time and effort to patch it up. Often for many of my clients we’ve been able to get a home like this at a good price. But if you don’t have the time or the inclination to buy a fixer upper, then make sure that everything’s in good condition before you buy.
2 State of the neighbourhood. Usually, you can tell when the neighbourhood is a good one or a bit on the sketchy side. When looking into an investment property you will want to pay attention to amenities available close by, such as grocery stores, restaurants, and transportation. Luckily in Belleville and the rest of Quinte we have a great transit system and for the most part great amenities. Sometimes, however, a neighbourhood may look good on the outside but it may have started deteriorating. Similarly, a neighbourhood that looks rundown may be on its way up. So do a bit of research on the internet or look up crime stats that will help you to determine whether the neighbourhood is a good one.
3. Comparative pricing. Sometimes, even homes in rundown neighbourhoods are expensive, either because they’re conveniently located near downtown or because the area has started to gentrify. A home that’s far away in the suburbs might be spacious and located in a clean, peaceful neighbourhood but it might still be relatively inexpensive because of the commute required to get there. You need to decide what’s more important to you: the state of the home or its location. If you plan to live in the home and you work downtown, then you might go with the first option. But if you’re ok with compromising on location, a home in the suburbs might be right for you.
Contact me for more great tips on buying Belleville real estate.