Factors to Consider When Purchasing an Investment Property

  • 09/15/21
 

When it comes to the things that attract people to New York, you can bet there is a fairly long list. Whether the skylines, the arts scenes, the cultures, or the fine dining options, there is a lot to love about the state.

One of the main things to appreciate is the real estate scene. Indeed, there are many real estate investment opportunities available.

If your goal is to assess your options in the Staten Island, NY region, you’ll want to contact a Realtor®, Staten Island, NY, to check out some properties.

Read on to learn about things to consider if you’re in the market for an investment property.

Do Your Research

It’s important that you do your research if you’re looking for a home in Staten Island, NY. One of the things you’ll discover is that the real estate market in the city can be a whole lot more affordable than it is elsewhere in the state.

For instance, one source notes that the median asking sales price was — as of June 2021 — $665,000 compared to a whopping $1.4 million in Manhattan.

So, choosing Staten Island over Manhattan will make finding suitable investment opportunities easier since entry costs are considerably lower.

Find Experienced Realtor® Staten Island NY

You’ll also want to find a Realtor® with experience in the Staten Island real estate market. The real estate agent should have expertise in helping clients buy homes there and assisting them in selling homes there.

An experienced Realtor® will understand housing demand trends and will be able to help you find what you want, whether you envision getting a property for vacation rentals or other investment purposes.

Think Long Term

It’s also essential, as you do your research, to adopt a long-term approach. In other words, what are the expected trends for the real estate property you’re potentially interested in buying?

Are you looking for an asset located in close proximity to beaches? Would you prefer something in a parkland area? Are you leaning towards finding an investment property that has more of a suburban feel?

Ensure that you spend some time researching the short-term and long-term outlook for any property you’re considering.

Property Management

How hands-on do you intend to be with your investment property? If you would rather not have to personally vet possible tenants, handle maintenance matters, or collect rent, then you may want to hire a property manager.

Remember the 1% Rule

It’s critical to know the 1% rule and to put it into practice. This means that the monthly rent you make from an investment property should be at least 1% of the cost of the asset. So, you’ll, at the least, break even.

The Right Realtor® is a Staten Island Realtor®

If you’re interested in buying an investment property in Staten Island, you need to find a reputable Realtor®, Staten Island, NY, to assist you. The right professional will guide you through the process, so you get what you want.

Do you want help finding the perfect investment property that fits your criteria? We can be of assistance. Get in touch to learn how we can help.

 

Work With Us

We help you understand the market and where to price your home for a fast sale. Our REALTORS® are familiar with the trends so they can help you appeal to a variety of potential buyers.

Contact Us