NEW YORK – If you a real estate investor, then New York City is an attractive destination for your capital. The world’s most notorious city has one of the worlds most established high-end property markets attracting investors of all experience levels from countries all around the world.
It doesn’t matter if you are a seasoned professional investor or searching for your first slice of the Big Apples property market, there is a deal out there waiting for you. Here are eight tips you can use to help you secure an investment that pays off with a high return.
#1 Determine Your Strategy
What kind of investor do you want to be? Real estate investing is essentially a business, choosing the right business model to suit your level of experience and commitment is essential for success. The most common forms of real estate investment in New York City are Investments for Cash Flow and investments for capital appreciation in value. Choose the strategy that suits you best and then starts researching groups on your social media that are already investing in your area.
#2 Look for Undervalued Locations
There are neighborhoods in NYC that are undergoing urban revitalization and transportation projects. When these projects are completed, you can expect the valuations of local properties to skyrocket. Search for undervalued locations that will offer a good return in the future.
#3 Speak to Local Brokers
Developing a network of local brokers and agents is essential for helping you source the right deal. Find out who the top agents are in your area and invite them to lunch to discuss your plans.
#4 Apartment or Single-family?
What’s better? Single-family homes or apartments? It all depends on your chosen strategy. Apartments are great for cash flow investors as they are usually managed and serviced by cleaning companies such as kingofmaids.com NY. They require very little involvement and produce a sustainable income with little marketing of the property required. However, single-family units may suit flippers and need months of renovations before they are ready to go to market.
#5 Rooms over Square Footage
Space is a very valuable asset in NYC. For those interested in becoming landlords, consider the fact that tenants prefer more rooms over more square feet in an apartment. Cutting a room a few square feet short to allow for another room will attract more tenants.
#6 Fittings and Furnishings
If you are buying to rent, ensure all of the fittings and furnishings in the apartment are in a good condition. People do not want to move into dilapidated dwellings, and you will be forced to renovate your apartment to get it occupied. This will cost extra time and money that you did not expect to spend.
#7 Property Inspections are a Must
Always have a professional thoroughly inspect the property you intend to purchase. There may be hidden structural faults or problems with the wiring that may cost thousands of Dollars to fix. Getting everything approved by a qualified inspector could end up saving your investment.
#8 Hire an Attorney
When it comes time to close the deal, you will need an attorney to help you navigate through the paperwork. Speak to agents about recommendations for attorneys and arrange an interview at their offices to discuss your potential deal and your real estate investment intentions for the future.
In Closing
Investing in New York Citys property market is not as challenging as you think. If you have the right team and enough patience, you will eventually find the deal you have been dreaming of.