Investing In Real Estate In North Carolina And South Carolina
Here's The Truth Behind Investing in Real Estate in North Carolina and South Carolina…
Investing in real estate whether it is in North Carolina or South Carolina or anywhere, can seem a daunting. Having said that, it is still an appealing prospect to many people.
Now, mix in investing in real estate as you are looking to find your best place to relocate or retire…it really can become daunting.
If your contemplating the way to go for you is to invest in a second home in North Carolina or South Carolina. Do me a favor please. I've been at this a long time. It is what I do for a living …. make sure you read all this information.
I'm not saying not to do it, I just want to make sure you take everything into consideration and … I want to put in my two cents.
Investing in Real Estate sounds like an interesting and exciting way to make money while getting a jump on where you want to ultimately end living.
Perhaps you picture yourself sitting in a cigar bar, framed by dark woods, toasting your latest profits with a fine snifter of scotch (well I know I can). However, I'm sure especially of late, you’ve heard plenty of stories of people getting stuck with properties. And let's not forget about your friend the investment banker who claims stocks far surpass real estate as investments.
Real estate investment does have its good and bad points, and I'd like to demystify some of them. As the age old saying goes…
If you’re interested in buying a piece of real estate, you’ll want to find the right location, location, location. The most important thing in real estate is location.
When looking at different areas to invest in,my first rule is to look at nearby towns. That is nearby towns to where you currently live. Not a town hundreds or thousands of miles away. Now having said that I know some of you are saying…
"But Bob, I want to invest in a second home or property in the Carolinas."
Again, I'm not saying not to do it, remember, I just had to put in my two cents.
I personally don’t like being more than a one-and-a-half to 2 hour drive from my investment properties. It just makes it a whole lot easier.
Okay so…Wherever you are led to invest, use the U.S. Census data to make sure the population is growing, along with job growth and income.
I've also found it helpful to review the appreciation rates for the last 5 years to make sure the area is not already overvalued.
The next thing you’ll need to do is visit the area and get a feel for the town. This is where your gut will tell you the most. Is there a downtown area? Are there cafes, restaurants, a library, and movie theater? What would recreation be like there? In other words, why would anyone want to live there?
The last thing to look at follows the foremost rule of economics:
Supply and Demand
Remember your population growth figures and look through the area to see how many homes are available. Check the permits department to see how many applications have been applied for, and approved for new construction.
Find out the vacancy rates for rentals, anything near to, or above 10% should raise concerns. Research what similar properties are renting for.
Some areas to consider are :
Also, Beaufort County in North Carolina where the oldest town of Bath is located.
Before buying any investment property, make sure you’ve budgeted correctly. Research the closing costs you’ll have to pay the bank for the loan, and the costs you’ll have for home inspections.
Don’t Forget, do your homework before investing anywhere! Once you’ve found what you think is the best place for you to invest, you’ll need to decide what type of property to buy.
Protecting yourself from the beginning with a sound budget is the best way to ensure you have profits at the end.
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About Bob Bencivenga
|Bob Bencivenga is a professional site locator and location analyst for major corporations. Bob researches the growth of NC and SC to find the Best Places to Retire or Relocate that are still affordable.|
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