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Every home buyer has a unique situation and specific goals that influence their decision-making process. From investment properties to turnkey homes, we’ve compiled a list of some frequently asked questions. Below you’ll find helpful considerations and resources to assist you on your real estate journey.
What should I look for when considering investment properties?
When searching for an investment property, several key considerations should be taken into account. Think about the property’s proximity to local amenities, what the neighborhood and larger community offer, and the potential development of that area. If you’re specifically looking at homes for sale on Bainbridge Island, you’ll also want to think about its proximity to the ferry for commuters. Furthermore, you’ll want to examine nearby rentals and vacancies, looking at the current rental market as a whole. Major employers in the area and average rental prices are also factors that could impact the return on your investment. After you purchase an investment property, ensure it is properly maintained. If you don’t want the stress that can come with being a landlord, check out Windermere Property Management. It’s a great local option here in Kitsap County. Our colleagues there work hard to exceed their clients’ expectations. Alternatively, if you’re thinking you’d like to hold onto this new property as a vacation home instead of renting it out, Bainbridge Ready offers estate care, concierge service, and complete home management.
What are the pros and cons of a fixer-upper?
Fixer-upper homes are all about the potential they offer to homebuyers. From repairs to renovations, fixer-upper homes can vary widely. For example, a fixer-upper may require new flooring and siding, whereas another property may need roof repairs, cosmetic fixes, and replacement of some appliances. If you are looking for a smaller-scale renovation, look for homes for sale that require cosmetic projects like new interior and/or exterior paint, fresh carpeting, and basic landscaping maintenance. More expensive projects include re-roofing, replacing HVAC systems, and full-scale room remodels. While fixer-uppers can be exciting for those who are handy or know a great, local team of contractors, projects may run long and over budget, supply costs might rise, and the market might change by the time the house is ready to move into or rent. With these types of scenarios in mind, it’s best to talk to your homeowner’s insurance company in advance to understand what’s covered. While fixer-upper properties have a lot of potential, it’s up to you to turn that dream into a reality. You want to ensure the return on your investment will be fully realized.
What are the pros and cons of a turnkey home?
Turnkey homes are also called move-in ready because they’re ready the day you receive the keys. If you’re purchasing a property to rent out for passive income, then a turnkey home can be advantageous. It’s ready for you to rent right away. A turnkey property may be a new construction home or a recently remodeled listing that is in excellent condition. You don’t have to worry about renovations or repairs. This can be appealing to busy families or people looking to downsize. However, there’s typically more competition for turnkey homes vs. fixer-uppers. Homes that are move-in ready also tend to be priced higher.
What should I look for when buying land?
While Bainbridge Island is an incredible place to live, buying land here requires thorough research. A parcel of land may be zoned for residential or commercial use or both. Find out if the land you’re looking to purchase is zoned for your specific interests and needs. Additionally, think seriously about how the land you’re looking to buy could be impacted by a natural disaster. From wildfires to floods, earthquakes to mudslides, take every possibility seriously. To learn more, read our article detailing what to consider when buying land to build a house.
Utilize a local real estate expert
While different types of properties come with different considerations, a local real estate expert will benefit you in any of these situations in many ways. Their insider knowledge of the local real estate market will help you make well-informed decisions and avoid making any costly mistakes. A great agent will also have a network of excellent local lenders, home inspectors, repair workers, and more. Contact one of our highly-rated agents to get started.
