Buying an investment property in New York is a great choice. However, not all properties are the same. Here’s what you don’t want your investment property to have when buying a house in New York.
People often consider all of the things they want in their New York investment property. Whether it be the location, size, yard, or neighborhood. That said, many times people don’t think about what they don’t want to see. Knowing what you don’t want is just as important as knowing what you do want. Keep reading to learn about just a few of the things you don’t want your New York rental property to have!
A Long List Of Repairs
A property might seem great if only the roof was fixed, the interior repainted, and the windows replaced. But when you start thinking about multiple repairs or upgrades, your budget can quickly get thrown out the door. One repair can lead to another, creating a longer list of necessary repairs than you had imagined. The house shouldn’t require much to have tenants move in and provide you with income. Instead, look for a property that either has tenants in place already or that will only require minor improvements or repairs before having someone move in.
A History Of Bad Tenants
If the house has been home to several bad tenants, it’s important to understand why. Maybe it was simply poor screening or maybe the property is attracting people who aren’t going to take care of it or pay you in a timely manner. Take a look at the neighborhood. Do people seem settled or as if there is a lot of moving in and out of the area? Determine who is renting in the area and how long people are staying in the properties they rent. You’ll want to buy a property in an area that has low tenant turnover and few units that go empty. The property should be located in an area where people want to stay.
When buying a rental property in New York, be sure to research other available rental properties in the area. While there are likely to be some available, you will want to make sure the market isn’t flooded with available rental properties. If you are faced with a lot of competition, it can be difficult to find high-quality tenants. You may also have trouble collecting the rent you need in order to turn a profit. When buying an investment property, make sure you will be able to bring in the income that makes the investment worth it.
When you own a rental property, you don’t want anything about it to be high maintenance. Landscaping that requires effort from your tenants isn’t always going to go over well. Many people rent just so they can avoid doing things like mowing the low, trimming the trees, or maintaining a garden. If you decide to plant a bunch of flowers, add trees with lots of falling leaves, or create a large lawn space when other options are available, you can’t count on things being maintained in the way you would like. Sure, you and the city can both ask for the lawn to be mowed. But you can’t expect your tenants to give up their weekends to pull weeds. Instead, look for a property with great curb appeal that is simple and easy to maintain.
Nobody wants to live next door to a bad neighbor. Before buying an investment property, get to know the neighborhood. Who is living in the area? Do people seem friendly or do they keep to themselves? Are the properties and yards properly maintained or do they appear to be neglected? Even the best properties with bad neighbors won’t stay occupied for long. People want to feel happy and comfortable where they live. Being next door to the wrong people can quickly make things miserable, causing your tenants to want to leave the house as soon as they are able to.
When buying an investment property in New York, it’s easy to think of all the things you want the property to have. However, you also need to consider all of the things you don’t want to see in your investment. While the house may have some amazing features, don’t let them blind you from any negative aspects of the property. While making a list of all the great things the property offers, be sure to make a list of the bad things too. Buying the wrong property will end up costs you time and money. It can slow your progress with real estate investment and cause unnecessary stress and frustration. Our team is always here to help if you have any questions or concerns about buying an investment property in New York!