Properties in Passaic, NJ
Investing in Real Estate
Blue Onyx Realty is a commercial real estate firm founded in River Edge, NJ. Blue Onyx Realty has grown to become one of New Jersey's most respected independent real estate companies. We are proud of this distinction and believe that our reputation stems from an ability to blend the professional disciplines of skill and expertise with hard work and integrity.
We live in a world where renters are sometimes looked down upon by the homeowners, but there are advantages to renting - making investment properties potentially lucrative. Here are some reasons why rental properties may be a better option:
- Predictable Budgeting - Being a homeowner comes with lots of surprises. For example, you do not know when termites will infest your home or when your home's foundation will crack. Each of these occurrences requires money to fix. However, with renting, you pay a fixed amount each month - regardless of repairs and other incidental costs.
- Less Debt - When renting, you are only responsible for two things; rent and utilities. Buying a home involves taking-out a mortgage to finance it which adds debt that you'll likely have to repay for an extended period.
- Added Flexibility - Renting a private house offers the much-needed flexibility if your job requires you to move often. Renting makes sense if you are unsure of how long you will be staying in one place. The down payment can set you back financially if you have to move soon after purchasing.
Criteria When Selecting Rental Property To Buy As An Investment
Transforming a rental property into a viable investment requires a combination of skills. Here are some factors to consider while selecting a rental property to buy as an investment:
- Neighborhood - The quality of the area where the property is located will determine the type of tenants that you attract - as well as your vacancy rate. For instance, if the property is situated in a neighborhood that is close to a college, chances are your pool of potential tenants will mainly comprise of students. This means that you will face vacancies on a regular basis, coinciding with academic calendars.
- Amenities & Convenience - Renters are usually willing to pay higher rental fees for peace, quiet and convenience. Tenants prefer to rent property situated on quiet streets and close to parks.
- Crime - Research the crime statistics of the region before you invest your money there. Do not ask the property owner about the crime statistics of the neighborhood, as they're trying to sell you on the property and will paint the situation in a positive light.
For more information about our property management services, contact us today.