Understanding Brevard County Property Appreciation

Whether you are an investor, purchasing properties for the purpose of renting them out, or a homeowner that has to move out of the area and needs to rent until the market changes, the appreciation of your property is an important issue for you.   Over time, the worth of a rental property will fluctuate up and down. Property values will appreciate in the long term normally. But, in real estate there are no guarantees.

When your rental property appreciates you have a more valuable asset to borrow against, and you'll generate a greater profit when you sell. There are different reasons why property values in Brevard County fluctuate. So, as an investor, how can you be sure that what you're investing in right now or that will appreciate over time? The most important aspect to consider is that you select a Property Manager/REALTOR^® who understands the factors that drive local prices.

What is the major factor impacting real estate appreciation? Many are convinced that it's the economy. Obviously, there are some factors on a national level that adjust your property's value: unemployment, mortgage rates, the stock market, and more. However, your rental property’s value and the aspects that play the most significant role in its appreciation depend on the local Brevard County economy and housing market.

Location in a community - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a big deal to many families and will greatly influence rental property values and how much rent you can get for it. So when it comes to retaining their value, these communities generally appreciate better than others, and in the mean time, will get you the best rental price. 

The appreciation history - Is the community considered desirable because of its location or affordability? Have property prices gone up or down over the past 5-10 years?

Economic factors - Have companies moved into or away from an area? In this area, the Space Shuttle Program ending has had an adverse affect on home values.  But, who knows what we will be next at the Space Center, and how many new jobs will be created?  Are local businesses hiring? Is there a good mix of jobs in an area, or does it count on just one industry? These items play a part.

Trends in home sales and rental prices - What's the time on market? What was the selling/rental price versus the asking price? Some information can often be retrieved from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.

To Paint or Not to Paint...

This a very common question from owners that are getting their properties ready for rent. 
There are many factors involved in marketing and renting your home. You can't control most of them. The curb appeal of your home plays a big role in the rental process, and it's one of the things you can have direct control over. You'll never get another chance to make a first impression of how your property looks from the street. If your property exterior needs new paint, potential renters might not even get out of their car to come in and take a look. Putting fresh paint on your property, both on the outside and the inside, is usually the one thing you can do that pays off the fastest. You'll get more potential renters looking, and they'll like what they see more, translating into a better chance for a quick rental at a higher price.

Try to stick with light, neutral colors. These seem to resonate best with renters. A fresh coat of light beige on interior walls will freshen up your propertry and make it more marketable.

Simply put, new paint is usually the most profitable improvement you can make when getting your property ready for rent. So unless your paint is already in like new condition, you probably should paint.