Are you thinking of buying an investment property in Chandler, AZ? With rental property investments, there’s no limit on your future earnings!
You gain extra income from renting out your real estate. You can even end up with a great profit from property appreciation should you decide to sell after several years. This can lead to building up your personal wealth over a given period.
Chandler shows significant signs of being a top investment area as a Phoenix suburb. It has a large population and lies close to other sizable cities such as Mesa and Tempe. Chandler also displays a high level of property appreciation every year. In recent years, it was able to provide great returns to real estate investors.
It’s recommended that new investors conduct market research and study the advantages surrounding a property investment. Rental homes contribute greatly to improving your finances but one should never enter a transaction without adequate knowledge.
In this article, you’ll learn about some of the preliminary steps in purchasing an investment property in Chandler. Feel free to try these investment tips and see amazing returns from your rental property purchase.
What Is the Chandler Real Estate Market Like?
Compared to Phoenix, Chandler has a higher median list price per square footage. The median home value is also growing year-to-year and is predicted to rise even more. In terms of median rent price, Chandler also displays higher figures than Phoenix.
The common property type found in Chandler is single-family dwellings reaching more than 70%. Before investing in Chandler real estate, study in-demand locations. This leads to more rental profits or higher sale profits. With numerous schools in the area, it’s easy to attract families to your investment property. The job market is also dependable given the strong technology sector’s presence.
Other demographics to target are students since universities in Phoenix are a short distance away. Aside from that, the climate attracts a steady number of tourists who wish to spend their vacations in a warm environment during wintertime.
The demand for rental homes is always high given the influx of people looking for high-paying jobs and good schools for their kids. A rental property investor who has great foresight will find ways to multiply their investment portfolio to maximize their income returns.
Top Tips for Real Estate Investments in Chandler
#1: Find Properties in Your Price Range
First-time investors must take the time to learn the pricing limit for their property investments. One can find several rental properties in Chandler including single-family homes, apartments, and duplexes in the area.
Think over how much you’re willing and able to spend on real estate. When you have a set amount, you can easily filter through properties during your investment property search saving you a great deal of time.
Outside of the property prices, additional charges from HOA fees, closing costs, repairs and remodels, and taxes can also affect the total real estate price. This can impact your overall budget so you need to be aware of the associated costs.
#2. Opt for High-Rent Neighborhoods
If you’re aiming to grow your wealth by monthly rental income, you need to be wise when choosing your real estate investment. Pick an area where you’ll stand to gain a higher rent relative to the purchased property price.
Don’t forget to consider your upgrading expenses since this can put a dent in your profit. However, renovations can also attract more potential tenants and increase the overall value of the space. You must strike the right balance to earn good profits on your property investment.
#3: Consider the Benefits of Professional Property Management Services
State laws dictate that your Chandler rental property must always be habitable. Landlords are expected to maintain a property well and keep all systems functional. When a crisis hits, you’re also required to be on top of things and offer effective solutions.
Managing a rental on your own can take a toll since it’s a job you can’t resign from. Duties must be performed regularly and repairs attended immediately. If time is limited, you’d do well to hire a professional property management company.
Select one that prioritizes the well-being of your tenants helping to turn them into long-term renters. They should also have adequate resources to ensure that your rental property’s condition is excellent, raising its value. Having a knowledgeable real estate and management expert helping you will benefit your investments in the long run.
#4. Crunch the Numbers
Avoid impulsive real estate purchases. Do a couple of calculations to help you evaluate your potential income from your property investment in Chandler.
Use modest figures since the market can’t be high-performing every year. Make allowance for economic downturns where your income can be lower. This curbs any overly raised expectations. Thus, when a better scenario happens, you’ll be glad to earn greater returns.
#5. Find the Right Neighborhood
Learning market trends can help you drive your real estate investment forward. Check out comparative rental prices over the last months. If you master the ability to forecast the market direction, you stand to generate more profits ahead.
Find time to gather online information. Be alert to property developments in different neighborhoods. Should you spot an increase in infrastructure projects and community expansion, consider investing in that area.
In a Nutshell: Real Estate Investing Tips in Chandler
Deciding to invest in Chandler should be planned thoroughly. To start, an investor must designate a budget. Then look for higher rent neighborhoods to gain better returns. Playing with numbers is also important to assess if an investment will be profitable under different economic conditions.
Checking for new developments in an area is also worthwhile to benefit from the growth. Lastly, if a landlord role is not for you, opt to engage the services of an experienced property management company with whom you can entrust your Chandler rental unit.
The team at Property Plus USA has the resources and services to ensure that your rentals are well taken care of and profitable. Contact us today to learn more!