How to Choose Chicago Investment Property

If you have found that a lot of the potential tenants in the neighborhood are families, it goes without saying that schools is going to be high on your agenda.

If you know that a new school is going to be built, there’s every chance that this is going to boost the value of your property significantly. Families are happy to pay big bucks to stay in a good schooling area, so if there is any inclination that a property’s educational links are on the rise it is only going to benefit you.

At the same time, the opposite can of course occur. If schools are closing, performing badly or just don’t exist, it’s going to limit your potential.

How Many Other Listings are Nearby?

This is one of those issues that you should really look out for and fortunately, it only takes a quick drive to get a taste for it. If you drive through the neighborhood and find that there are a lot of listings or vacancies, it can suggest that things have suddenly taken a turn for the worse. It can also sometimes mean that the area is quite seasonal, which is what occurs with student zones as we have already discussed.

It’s worth mentioning that if there is a lot of seasonality in the neighborhood, this is going to affect your rents.

Generally, landlords are able to bump up rents when there are low vacancies, but they have to lower them if there are a lot. As such, make sure you again build this into your budgeting.

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