Realty Executives Arizona Territory

Don Eugene and Ashley Kimberlin

Don Eugene and Ashley Kimberlin

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Purchasing Long-distance Real Estate

(Published on - 3/2/2019 9:37:11 PM)

Long-distance real estate investing is more accessible than ever in our modern, connected world. There are challenges and benefits to investing from a distance. It is important to conduct proper research. 

Consider these tips before you purchase a nonlocal investment property:

Get to know the area. Finding the right nonlocal property requires careful research and in-person visits to the prospective neighborhood. Whether you plan to use it as a vacation home or choose to rent it out, you should consider the traffic patterns, population growth and economic development of the area before you buy. 

Research additional costs. Taxes differ from state to state and even city to city, and many communities have HOA fees to take into account. Buying in a new place introduces an entirely different cost-benefit ratio than you experienced buying your first home. Get in touch with your financial adviser to know if that difference is worthwhile. 

Find local property management. No technology has yet to replace the value of a good property manager. As a local presence, they are a resource to renters and can ensure the property remains in good shape.

Just remember that property managers also add to your expenses.

Think long term. Recouping costs from a second home investment tends to require years of appreciation. When you buy any property -- local or across the country -- you should always think long term so that you get the best value. 

Looking for your next real estate investment? Get in touch with us today! Don 520-54-7785 or Ashley 520-490-2920

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