Have you considered property investment? Property as a market is once again on the rise, and you could do well with a property investment in a beautiful area like South Califonia’s Laguna beach. Of course, it’s not a simple as merely buying- you have to get it right, too. A good Laguna Beach realtor will be able to assist you, but here’s some tips to help you.
The age of the building will count. It’s generally speaking a good idea not too buy too old, as it inevitably means more maintenance down the line. Remember to keep your emotions out of the buying process altogether, as it’s a business transaction and should be viewed as such. With that in mind, pick your purchase according to what’s lettable in the Laguna Beach area. 2 bedroom homes or flats offer a great deal of appeal to a wide range of people. A large family home, even if the property itself sounds like a sweet deal, will not be as easy to let or appeal to as broad an audience.
Remember that the type of tenant you attract will be directly related to the area you buy in ant the type of neighbourhood you choose, so pick according to your desire. Remember that Laguna Beach is an area with a reputation for the arts, and attracts a bohemian, laid back kind of lifestyle. Likewise it’s very popular with those who enjoy the sports offered in the area like surf and beach sports. It’s known for its mountain biking and hiking routes too. Make sure that the type of tenant you want to let to is the type who’ll be attracted to the area.
Be polite, but speak up about any niggling issues you have with the property you’re viewing. Look closely at things like the wiring, the air conditioning, any cracks or signs of damp you may find. You’re the buyer, after all, and if there’s an issue you may want to try and steer towards a lower offer. Showing excessive enthusiasm can, unfortunately, lead to you being gouged by an unscrupulous buyer without much other than money on their mind. Employ patience when you’re making offers- you are, after all, buying an investment property, and can afford to wait. Be prepared to walk away if necessary.
Remember that rental income is best diverted into paying off the mortgage on the property. The idea is that the fixed rental will pay your mortgage, in fact. You will want to bear that in mind as you assess the potential of each property you visit. Your potential mortgage researcher should never charge you for research, by the way. If you have a good relationship with your realtor, ask if they offer or can refer you to a good letting agent service. Don’t be afraid to treat the process of finding a letting agent much like you would that of finding a car to buy, however, and shop around to drive down the price.
Remember that the true luxury of the investment property buyer is the ability to move slowly and take your time. Let that guide you in your quest for the perfect property.