Investing in real estate can help to diversify your portfolio, but to really bring in extra income it must be done right. When facing the possibility of a condo or a single-family home, a single-family home may be the better choice. Single-family homes often house families with children which, theoretically, will keep them in the property longer than singles who tend to move around more. Tenants that live in single-family homes are actually 20% more likely to stay 5+ years in that home.
You should always take into consideration what is around the property as well. Are there good schools close by? A highway? Make sure to keep an eye open for the various things that will be most attractive to future tenants so that it will increase the value of the property.
Watch for any structural damage when buying a property. You may receive it cheaper, but in the long-run an unstable home with a bad foundation will cost a lot of money. People will be more likely to be attracted to living in the home if they feel it is steadily built.
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