Santa Monica Real Estate Investing and Market Reports
If you have been working for some time, you probably have accumulated some form of savings, and the first mistake we dont want to make is to let the money stay idle.
There are many ways to work your money hard, and one highly recommended approach is through Real Estate Investment.
TOP 4 Reasons to choose a Santa Monica Real Estate Investment?
1) Good choice of property can appreciate in value over a shorter period of time, hence providing good profits when rented out or re-sold.
2) Real Estate plays a critical role in advancing towards financial freedom, through the passive and recurring income through rentals for example.
3) Real Estate has less volatility as compared to stocks and shares, hence lower risk.
4) Simple methodologies involved, i.e: Finding the right property, Funding that property, and Farming that property
How to find the right Santa Monica property!
Given the thousands of properties available in the market, we want to choose the right property, so that the value can go up, and it can be easily rented out and resold when desired at a good price. Hence, to choose the right properties, we consider the following critical factors.
(1) – Location, location, location!
Location is also the key factor in looking out for a suitable property. Ideally, it should be near common amenities and facilities such as schools, markets, bus and train interchanges, shopping centres, and parks. If you can find a location with all these plus factors, you are in luck, because such places tend to grow in value fast, and hence proved profitable for you in no time.
Nonetheless, it is all up to personal decisions. You may desire a place which is quieter and away from the urban chaos, but that could compromise on some of the accessibility and conveniences which could in turn have an impact on your property future value.
(2) – Size and Amenities
A common phrase “Size does matters” and that is especially so in real estate, which is the first impression when a potential tenant or buyer steps into your house. Besides considering space for the living rooms, and bedrooms, extra spaces like garages, basements, outbuildings, car spaces, and swimming pools are often a plus point during property valuation.
(3) – Age of the property
Age of the property is important in determing its value. Older houses have much different styles from modern houses, and this can be both a pro and a con.
Pro in the sense that if your house preserves some nice traditional architectural designs, and that is highly loved by the prospective client, you could take the opportunity to increase the selling price, hence making better profits.
Cons in the sense that if the client prefers houses with more contemporary designs, this could have a dire impact on your older property given that it is harder to sell or rent, ending up in price wars which is lose-lose situation for you.
(4) – Price of the property
Price is definitely in the consideration, hence it is essential to do a market research in the neighbourhood for similar properties you are looking for before jumping to a decision.
Also, if you intend to take on financing, you should check out the different bank interest, and other money issues that can occur, so that you wouldnt be caught in a surprise when
doing the final purchase decision.
(5) – Condition of the property
Arguably one of the most important attributes to look out for in a property. You may have found the best location, the biggest size at the most bargainable price, but if the condition is inhabitable, what does it make of your newly bought property? – Nothing !!
Hence, it is crucial to observe the condition of every potential property and take into account the potential repair fees required for that property, and factor into the overall pricing of the property to see if it is still worthwhile to buy that property.
We have included some links below which will allow you to view recent Santa Monica properties which sold, the days on market, and trends in the Santa Monica Real Estate Market.
- 90401 – Ocean Ave and Downtown Santa Monica Market Report
- 90402 – North of Montana Market Report
- 90403 – North of Wilshire Market Report
- 90404 – Mid City Market Report
- 90405 – Sunset & Ocean Park Market Report