Entering the housing market can be a scary notion, with the line between risk and reward a treacherous one to walk. One way to ensure a greater return on investment (ROI) is to use property data – i.e. up-to-date statistics to help you monitor market fluctuations, interest, and guide you in making the final decision and steps of when to buy and sell. Here are 5 such ways to accomplish this.
One – Location, location, location
Finding the right area in which to buy in is not an easy task. Patience and thorough research used to be the only way to do this, with it still ultimately coming down to luck. Thankfully, there are now websites and apps that help mine through assorted property data, giving you accurate and up-to-date statistics. These track which areas are due for a boom, housing prices, amenity comparisons, and almost anything you could want to know about the predominant market demographic.
Two – The price is right
No one wants to spend more than what they will get in return; it’s just not good business. If you are out to make a profit in the housing market, or even just want to sell your personal home, property data can give you a good indication of house prices not only in the area, but also in relation to size and amenities.
Three – Comparisons
You may think your property is worth a million, but quite often this is not the case. Many begin by choosing a few areas to look for properties, but don’t know how to make the final decision. Property data can deliver a side-by-side comparison of your selection, giving you all you need to know at a glance. This can also be of assistance in monitoring your already-purchased properties, showing you the new competition.
Four – Filters
For those just starting out, you most likely do not have the biggest budget. Being able to use a website or app that allows you to filter prices, search for property sizes, or ones for sale in specific areas can save you a lot of time.
You can even search specifically for investment properties. By inputting your budget, you will be able to see what properties are available, and can easily see which will deliver the biggest returns.
Five – Rent
So you’ve bought your investment property and now it’s time to rent it out; but how much do you charge? These tools can also show you what prices comparable and nearby properties are being rented for, and will even let you know when you are free to increase the rent.
While there are some websites and apps that offer free property data, it is worth it to spend a little on a professional service or advice. After all, it takes money, to make money, and with the right moves, you’re likely to be much more successful.