Tips to Help You Evaluate Your Charlotte NC Real Estate Investment
Is this the right time to invest in Charlotte NC real estate with intentions of earning rental income? Many realtors and financial experts believe that it is indeed the right time. It seems that the availability of mortgages is as tight as ever, forcing prospective home buyers to continue renting rather than purchase a home. Here are some tips to help you make certain your investment is a good one.
If you are serious about finding suitable Charlotte NC investment homes, you will need to do some research. It is essential that the areas that are of interest to you not have a large number of vacant properties. You can get some idea of the desirability of the rental market in the area by tracking how long units remain on the rental list. If homes are not turning, it is a reliable indicator that tenants are not interested in the properties. Don’t even think about those as an investment property.
Look for homes in areas where large local employers are situated. These are generally areas that have a high transient population who move in and out according to an employers needs and are less likely to buy. Charlotte NC Neighborhoods near military outposts and college towns are a guaranteed source of transient residents and potential tenants.
Families love to be near excellent schools and as such a strong school system can be one of an investor’s greatest allies. An outstanding school system can increase rental rates just as a poor one can detract from rental prices.
Right-size your investment home. One bedroom, one bath homes have limited appeal, as do very odd looking houses or unusable lots. Try to buy something representative of the typical home in the neighborhood.
How will you manage your property? Are you willing and able to maintain the property, or will you depend on a property manager to manage all the details? Does that kind of arrangement leave room for positive cash flow for you?
Unless you are especially handy and do it yourself capable, be sure you buy an investment property that is in good shape. You don’t meed surprises down the line. Be sure that the furnace and AC are functioning properly, the drains are flowing, water leaks are taken care of and the roof is in decent shape. Look for rot and basement leaks. Hire a home inspector to go over the entire house.
Make sure that your offer is workable. A skilled real estate agent can help negotiate the price you offer down to a level that makes economic sense and assures a positive cash flow for you. Once you have closed the deal, spiff up the property to increase its curb appeal and set it apart as a highly desirable home to rent. If you have all your ducks in a row, your investment can prove to be a smart move and set the pace for your future rental home investments.
Charlotte NC/SC Realtor