When you want to get the best price for your Hayward investment property, the first thing you must do is purchase your property in a good neighborhood. No matter what you have to spend for your property, if it is in an undesirable neighborhood, you are going to get bad tenants or no tenants at all. Location is important, and you might not get what you would expect for a rental value.
If you are going to make upgrades to the unit, make sure those upgrades are consistent with the property. Do not get granite countertops in a low end neighborhood, for example. Think carefully before you choose flooring. Expensive flooring in a rental unit does not make sense. Just make the upgrades to fit the property and the neighborhood.
Another thing to do, especially if you’re buying a condo, is to ask about association dues. Checkout whether there will be additional assessments in the near future, and how much you will be expected to pay annually in dues. I have had owners buy properties who are excited to get the house for a good price. Then, they realize the HOA dues are around $450 per month, and that an additional $10,000 assessment will be charged in the next year or two to cover the cost of replacing all the roofs in the association. Make sure you check into those costs before you buy a condo.
Consider additional costs if you are buying a multi-unit complex as well. If your building will have 16 units or more, you are required to have an onsite manager. That is an additional expense and will require additional bookkeeping.
When you are looking to buy an investment property keep these things in mind. You have to find a good location if you want to be able to charge a reasonable rent. You also have to ensure the upgrades you make to the property are appropriate and worth the time and money you will put into them. Finally, you need to research any additional fees or charges that you will be responsible for when you become a landlord.
If you have any questions about how to find an ideal investment property in Hayward, or you need more information on how to get a good rental price, please do not hesitate to contact us at Aapex Property Management.