When it comes to finding the perfect place to live, it’s important to understand the market conditions before making a decision.
In the case of rental property, the most important factor is whether the home is in the market for a short term or a longer term, says Scott Braddock, president of Braddock Property Advisors, a real estate firm based in Orlando, Florida.
If you are looking for a place that will last, he says, look at a property that is relatively low-income.
If it’s a relatively high-income property, “look for properties that have an older design, older amenities, and a little bit more expensive to rent,” he says.
And if you are considering a new home, the rental market should be more stable than in previous years.
If the market is stable, you can consider your home’s condition and location.
If your home has deteriorated or deteriorated badly in recent years, you should take steps to make sure the property is secure, Braddock says.
“The more severe the damage, the more likely it is to need a major repair,” he explains.
If a property’s condition is deteriorating, it can be difficult to assess the value of a home and determine whether you need to buy or rent, he adds.
If an appraiser or real estate agent offers you a price, consider it.
“There are always going to be different opinions,” Braddock notes.
“And that’s OK.
We all have our opinions.”
Here’s what you should look for in an appraisal.
Property value The value of an asset depends on the condition of the property and its history, according to Braddock.
“Property values will generally fluctuate over time,” Briscoe says.
If something is in poor shape, for example, “the property may be worth less,” he adds, because it could be worth more if someone replaced it.
If there is a property history of significant damage, however, the value can increase.
“It’s like you’re trying to decide between buying a house and renting it,” Branton says.
You can also look at the condition and the amount of damage.
“If you have major damage, it may be a better idea to rent and buy,” Branche says.
However, if it’s not major, you might want to consider the “value” of the home, says Briscoer.
“Some of the most valuable properties are in very low-risk areas,” he notes.
If in doubt, look for properties with a history of major damage.
For example, if a house is in foreclosure and you’re looking to buy, look to a property with a current sale price, he suggests.
“You’re probably not going to find a great deal in a lot of low-end properties, but in a property where it’s worth a lot,” Britton says.
The most valuable houses tend to be those with good condition.
If they have “the right amount of character,” like a good exterior and a good roof, Briscoes says, they may be more likely to sell.
If not, “if it’s in a neighborhood where it is a real danger to neighbors,” he warns.
Property type If the property you’re considering has a lot going on, look more closely at its design.
“Look at the house as a whole, not just the exterior,” Brace says.
A “bulk buyer” property is a home with many units, such as a home on a street or a house on a building, he explains, which can be more expensive than a single-family home.
“A single-story house is not necessarily worth much more than a three-story home,” Bracis says.
Also, look carefully at the size of the house, whether it has a garage, a yard, or a garage.
“As you look at this property, you’ll be looking at a lot more than just the home itself,” Brackes says.
Briscoem says the type of home that you’re interested in should be determined based on the needs of the owner.
“In a large house, you want a lot for the price of the houses around it,” he suggests, but if you have a large amount of space in the house and the owner is not looking to build a house of that size, you may be able to find another home.
The bigger your home, and the more space, the higher the price will be.
“Most of the time, a home built for a very large amount will have a smaller amount of living space,” Bracoess says.
There are a few exceptions.
A home with a lot attached to it, such a lot that is attached to a garage or a driveway, can be a good place to look for a lot.
A small lot, such that a house can be built in as little as five years, could be a “great opportunity to get into the