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Real Estate and More

Investing: When to Say Goodbuy

Understand what goes into “goodbuys” vs. “goodbyes”

Now may be an ideal time to invest in real estate. But, when considering an investment property there are many things to keep in mind.  Here are just a few:

Know the market.  The housing market varies from state-to-state, town-to-town and neighborhood-to-neighborhood.  So, to make sure you’re really getting a good deal you should work with a local real estate agent who knows the market.

Identify the good buys.  A lot of potential investment properties pop up in today’s market. But more often than not, these properties are distressed and as an investor, you need to be able to identify when you need to say goodbye to a supposed “goodbuy.”

Be ready.  Depending on the town, good buys can be snatched up very quickly (sometimes they’re gone before they even hit the market).  If you’re serious about investing, be ready to check the house out and make an offer.

PITI and maintenance.  As the owner of a property you’re responsible for maintaining the property, and paying the mortgage principle, interest, taxes and insurance. A good investment should cover these basic costs, and turn over a profit.

Consider all costs.  When viewing properties, develop comprehensive budgets to track all potential costs (e.g., renovations, closing costs, carrying costs, etc.).

The “me” factor.  While some investment properties may be for personal use, others are not, so make objective decisions about what’s necessary for the property/budget, rather than what you may prefer (e.g., Formica vs. granite counter tops). 

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About LoveAtFirstSite

Some people love dogs, some people love cars, but not me. I love dirt. I'm pretty sure it's not the first thing you think when you see me, but it's true--I really love dirt. Although, I'm picky about where my dirt comes from. Construction sites are perfect, backyards are OK, but the streets of NYC not so much. So now that you know that I love dirt, you may want to know why. I've been on and off construction sites since I was little. And here's a picture to prove it. I recently quit my public relations job in NYC in the pursuit of cleaner dirt. I love home renovations and remodeling, and I've been working closely with my dad who has been in the business for 40 plus years to learn everything I can. I’m also a full-time residential real estate agent in the Greater Fairfield area. I’m dragging my fiancé, Neil, along for the ride too. For those of you who know us, thanks for reading. And for those of you who don’t, welcome to our house flipping, home remodeling, suburbanite lives! Alana Brier | Newtown, CT | 203.304.4235 |

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