Dear Rich,
My wife and I are living in Charlotte and we are thinking of buying a second home as an investment property. We understand that this is a good time to get a decent price and it seems that real estate would make a good investment right now. What do you think? What are some things that we should think about before start looking?
Peter W. – Charlotte, NC
Dear Peter,
Thanks for writing in. People talk to me all the time about investing in property in the Charlotte area. And I generally agree, that it is a great idea to think about real estate as an investment—especially in this area.
Charlotte is home to some incredible and value-increasing neighborhoods. Combine that with our strong economy, growing population and geographic location, and Charlotte ranks right up there with places where a second home, rental or investment property would be an excellent financial choice.
There are, like all other cities, locations which I would recommend more highly for different types of investors.
The questions you should ask yourself before starting your search include:
1) What is your budget for the investment property?
2) Do you know where you would like to purchase this property?
3) Are you looking for a single family home, multi-family unit, apartments, townhouses, or vacation property?
4) Will you want, or be able to make updates to the investment property?
5) How long do you expect to own the investment property?
6) Will you want to live in the investment property part of the year?
7) What is the proximity to your current permanent residence?
8) Will you be handling the maintenance and management of the p[roperty yourself, or will you be hiring a management company?
If you would like more information about investing in property in the Charlotte area, please contact my office.
Rich Ferretti – Charlotte Buyer’s Agent