Do you have plans on buying an investment property? Without the experience of professional investors, it is easy to overlook essential aspects of a potential rental property and make a bad deal. Real estate investing is a business, and like any other, at the bottom of it all, the numbers matter. Understanding the factors that drive the current value on the market can help you keep your focus as you invest in building your real estate portfolio. Read on as we explore five things you can overlook when buying an investment property in Northern Kentucky.
Location
When buying an investment property in Northern Kentucky, you can overlook the property’s location. After all, you are buying more than just a structure. The placement of your property can make all the difference in your investment, retaining long-term value. For instance, waterfront locations are worth more; this is why you or a trusted representative should physically walk the property and ensure the listing is accurate. Professional investors like those at Team Sztanyo consistently keep an eye on local government happenings to keep our investors aware of upcoming zoning changes and plans for improvements down the road in Northern Kentucky, as this data can heavily influence values.
Features
Another thing you can easily overlook when buying an investment house in Northern Kentucky is the features of the property. For example, is it the right size for the tenant pool? Tiny houses may be popular, but a small place will not be popular when investing in a great family location. With a new focus on home-based lifestyles, tenants desire extra spaces for offices or studying. So too are resort-style backyards. Professional investors like those at Team Sztanyo can help you zero in on the right features for today’s tenants.
Hidden Expenses
It’s easy to overlook HOA fees and restrictions when buying an investment property in Northern Kentucky. But unfortunately, some of these homeowner associations do not allow owners to turn the home into a rental property, so you could find you have done all of your work for nothing when you are ready to locate tenants. That is why the professional investors at Team Sztanyo thoroughly investigate properties for you.
Inspection
Before making your offer when buying an investment house in Northern Kentucky, you should understand the differences between superficial fixes and significant issues, such as signs of a cracked foundation. In addition, it pays to network and build your team from among industry professionals or work with a highly reputable team like the one at Team Sztanyo, so you can move swiftly on great deals. Often, the first offer is the winning offer.
Price
When buying an investment house in Northern Kentucky, something you can overlook is a reasonably priced property. When there is competition for available investment properties, you may not always get a rock bottom price. However, by assessing the long-term outlook of rental rates that are attainable in the area, you can still make sound returns on your investment.
Help in Buying Your Investment Property with Team Sztanyo
If you’re buying a home in Northern Kentucky or the Cincinnati area property, Team Sztanyo has the experience you need to help make the buying process easier, less time consuming, and we’re on your side to help make sure you get the best deal while we worry about all of the details.
Either way, countless local homeowners and investors trust Team Sztanyo to help them wade through the real estate buying and selling process while keeping more cash in your pocket and helping you save the time and headache of working with less experienced brokers.
If you have questions like What to look for when you are buying an investment property?
How do you analyze if a property is a good investment? Then give us a call! We take the time to listen to your concerns and answer any of your questions here at Team Sztanyo, with no obligation. Contact Team Sztanyo at (513) 813-6293 today!