How Do I Find a Good Investment Property?
Many people choose to buy a home as an investment property, and it’s easy to see why – if managed well, an investment property could not only pay for itself in the rent that it brings in from tenants, but once it’s fully paid off it can also be sold again for a profit!
But how exactly do you find the best investment property for your situation? Let’s take a look at a few of the most popular housing options available and how they can benefit you.
One of the main advantages of a townhome, especially as an investment opportunity, is the price point. Townhomes are often priced quite a bit lower than many other types of homes, which means less capital needed upfront for you, and even faster returns once it’s paid off. Some tenants might be unsure about the prospect of living in a townhome because of concerns with noise coming through the walls, but they’ll be happy to know modern townhomes are built with the best soundproofing materials designed to keep each unit feeling like a home.
With prices as low as under $300,000 on home models such as the Maroon, it might be worth it for you to buy multiple units next to each other, especially if you were looking at another home model that was in the $500,000 range anyway. That way you can maximize your investment with two properties and can select quiet, reliable tenants to live next to each other and keep everyone happy.
Duplexes are not only a great choice for income properties, they’re also perfect for someone who’d prefer to buy a single home and use part of it as an income suite. Of course, duplexes also tend to be on the lower end of the price spectrum, so as with the townhomes mentioned above, there’s also the possibility of buying both sides of a duplex and living in one side yourself, or renting both.
With models such as the Sequel starting from $383,900 it’s certainly affordable, and this model also comes with an optional side entrance as a legal suite option, as well as an optional bonus room to make the setup as simple as possible.
If you’d prefer to invest in a home that’s more stand-alone, consider a laned model like the Streetwise. The extra space gives you plenty of choices, and many models (including the Streetwise) offer extra basement or legal suite options at the time of building.
With prices starting as low as $309,900, these laned homes also provide great value for your money and a huge potential for returns as an investment property.
Finally, if you’ve been thinking about an investment property with a lot more room, a front attached home could be the way to go. The attached garage is a big draw for potential renters, offering convenience as well as storage space. With models like the Thomas, you’ll also find a range of floor plan options, as well as the choice of a basement suite and a separate side entrance.
The Thomas starts at $499,900, which is a great price point for a home of this size. With multiple floor plan option you can get up to five bedrooms on the main and upper floor and over 2500 square feet of space, it has amazing potential as an investment that’s sure to be popular with large families or even multiple tenants.
As you can see, Sterling offers a wide variety of homes for investors designed to suit almost any price point or living situation. We have many more home options available, so why not visit a showhome or come in and talk to a New Home Advisor to see which options would suit you best.