Real estate investing in a new location can feel overwhelming. Have no fear; Regalway Homes is here! We’ve helped people to move their real estate investing businesses before, and this blog will give you some hints.
Start with the big picture.
Whether you are moving into a new area and would like to keep your business local, or if you are simply looking to expand into a new location, the first thing you’ll need to know is the big picture.
Are home and rental costs the same in the new area as you’ve experienced? If you are making a move and rely on real estate investing as a main source of income, knowing the prices to expect could affect your move. If you need help planning out your decision, contact Regalway for help.
Is the market in your new area forecasted to align with your current location?
In other words, are you moving to an area where inflation looks the same? If not, you need to have an idea of what you can expect from the next five years. Regalway always researches the market, the hot industries, the schools, and the demographics of each area to ensure a safe investment for the future.
Focus on the local picture next.
Now, take a look at the county or the area in general. You will need to consider the people that could become your clients: tenants, renters, or future purchasers of the homes you intend to buy.
Is hiring in your new area specific to a particular industry? For example, if you’re moving to a college town, you can presume that many people are either students or employed by the college. The amount of money you’re looking to invest will determine whether your client will be a student or a professor. Consider what that means: students are renting for one year and the property may stand vacant at times, but professors are looking for a longer-term rental.
Similarly, would the location be good for short-term, vacation rentals? If so, you’ll need to consider neighborhoods that allow short-term rentals and research the other properties in the area before committing to anything. If you are looking at short-term rentals, you may need to be close by or find a property manager. These are all things you need to note before searching for your real estate investment.
Finally, look at the neighborhood.
This is when you’ll get the ultimate necessary information to determine your real estate investing goals. We recommend starting your research with school ratings, local transportation, and crime levels to find the right neighborhood. Then, lean on a professional to pull comps so that you know what home prices to expect.
Using these tips you can kick off real estate investing in your new area. If you need help figuring out your finances and whether or not the timing is right for you, contact us! We have the experience and industry knowledge to help you make smart decisions. Use the form below to set up a free consultation.
That’s where Regalway Homes can help. We’ve been in the game for a long time, and have used our experience and industry knowledge to invest in multiple areas.