Location is everything. Your fix and flip property could be an amazing find, but you could struggle to sell if potential buyers aren’t in love with the surrounding area. Potential buyers want a beautiful property, but they also want amenities and a safe place to live.
Here are 4 questions to ask when you’re evaluating the neighborhood of your potential project:
What are the unique selling points of the neighborhood?
Buyers are looking for an area with a personality that matches their needs, so consider who may be purchasing the property when you’re finished. Everyone looks for different things in their neighborhood, so remember that even unpopular areas may still have exactly what someone’s looking for.
- Is there an accessible viewpoint, hiking trail, or waterfront area?
- Look for dog parks and opportunities for recreation as well.
- Buyers are often willing to compromise on price or even property size if nice outdoor spaces or community areas are nearby.
Is the property accessible by alternate modes of transportation?
These days, people are tired of the daily work commute and don’t want to spend hours in the car just for small errands. They’re looking to save money on gas, help out the environment, and don’t mind working up a sweat.
- How close is the nearest public transit stop? Are there bus routes or train stations nearby?
- Check into the local bike paths and the biking lanes on nearby roadways. If places like cafes and shopping centers feature places to secure bikes, it’s a good sign that the neighborhood is bike-friendly.
What are the local zoning laws in the neighborhood surrounding the property?
When a potential buyer is thinking of purchasing, they’re planning ahead. Consider the future of the area and the potential ways that residential or retail areas could change in the near future. Buyers may steer clear of properties that show signs of things like encroaching student housing or the opposite; a stagnant area that doesn’t look like it will gain any energy any time soon.
- Can the buyer rent out rooms on the property?
- Is there a possibility that a store or large construction project could start nearby?
- Spend more than just the occasional afternoon observing the area. Stop and talk with local residents and retail owners to get a feel for the neighborhood.
What is the level of accessibility and quality of the nearby schools?
The local education system is a measure for the overall quality of most neighborhoods, and not just residential areas. A school is often an indicator of population growth and a healthy tax base. Areas with schools usually feature more parks, community events, and slower traffic patterns.
- Are the routes to the school safe?
- Do bike lanes and sidewalks feature prominently?
- Take some time to research the quality of nearby schools online. Most of the information is posted for public review.
If you’ve looked into the neighborhood and feel like it’s a good environment, consult with the professionals at Gorilla Capital and they’ll help you get started. They offer the support you need to turn your fix and flip project into profit.