Summer is quickly approaching, which means it's a great time to sell your home in Brevard County, Florida. Although the warmer months are typically a little slower for the Florida real estate market
Finding An Investment Property In Brevard County: 3 Things Real Estate Investors Need To Know
Dated: May 16 2022
Investors across the U.S. are snapping up property in Brevard County. With the area showing consistent economic growth, a thriving commerce industry, and world-class attractions, it's easy to see why so many investors are eager to capitalize on the current market. When looking for an investment property in Brevard County, some key considerations are needed to assess a prospective investment accurately. In this article, we're looking at what investors need to do to streamline their investment property search in Brevard County.
Research the Local Market
When it comes to purchasing a home location is everything, and investment properties are no exception. It's essential to consider the local economy and determine what type of property is in demand. For example, is the area popular with young professionals or families? Is there easy access to local amenities such as dining and shopping? What are the transport links like? All of these considerations will help you choose the ideal location for your preferred investment type.
If you're purchasing an investment property from out of state, it's imperative that you work with a local real estate agent. Real estate laws and standard contracts differ between states. To ensure your investment deal runs smoothly, you should work with a professional who is licensed in your desired location.
Calculate Your Potential ROI
Real estate investment is a business and should be treated as such. Before purchasing any property, you should determine the total cost and your potential return on investment. For example, if you plan to flip a property, you must include the entire cost of renovations, the purchase price, and all other associated costs in your calculation. Similarly, if you plan to rent out your investment property, you should have an accurate estimate of how much rental income it can generate annually.
There are many formulas that an investor can use to determine the potential ROI of a property. When it comes to rental property, many real estate investors follow the "1% rule." This investment strategy states that an investment property should be able to generate at least 1% of the purchase price in rental income.
Understand Your Financing Options
You can choose many different options when deciding how to finance your investment property. Of course, each method has its own advantages and disadvantages. It's essential to consider each financing option carefully to ensure your investment is sound.
Purchasing an investment property in cash means you can avoid loan interest and origination fees. In addition, a cash offer is preferable for most sellers, as cash deals tend to close quicker than those financed by a lender. The drawback of purchasing in cash is that many people simply don't have enough liquid funds to buy a property outright. In this case, you will most likely need to secure a loan.
Several loan options are available to investors, including conventional loans, hard money loans, and private money loans. The ideal financing for your investment will depend on your financial circumstances and exit strategy. Before taking on any loans, be sure to discuss your options with a trusted mortgage broker who can help you identify the best product for your needs.
Find An Investment Property In Brevard County
Are you looking for an investment property in Brevard County? Realty World Curri Properties can help. With extensive knowledge of the Brevard County housing market and established relationships with local lenders, our licensed agents can streamline your investment property search. Click here to connect to a member of our team today and learn more about real estate investment in Brevard County.
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