Which type of Orlando neighborhood is best for rehabbing a house?
When you’re looking for an investment home that you intend to flip for a profit you should know that choosing the right location is just as important as choosing the right home. Although it’s true that there are buyers for just about any area in Orlando, certain areas are more desirable than others making it easier on the investor.
Qualities to look for
When considering the neighborhood for a flip, there are some statistics that you should research about the area.
* Make sure that recent sales in the area are homes that sold quickly.
* Ensure that the neighborhood is mostly owner-occupied and not a mostly rental community.
* Homes in the area have maintained their values or even better, they are going up in value.
* Not many houses for sale in the area, too many houses for sale is never a good sign and creates competition for your house when it’s time to sell.
* Be aware that older homes will need much more work to get ready for the market.
Try Keeping it Close to Home
When you make the commitment to re-hab a house you should know that even if you hire a general contractor to do all the work you will still be making frequent visits to the property. By rehabbing a property in your own area, not only will you have less driving time to get to the property but you’re probably already a bit about the area making your research easier.
However, the area must still be holding its value or going up or it just won’t make sense. A neighborhood that has falling property values because of crime, new highway construction, etc. is never a good choice no matter how close it is to your house.
Hire an experienced Orlando Realtor
By utilizing the skills and expertise of an experienced Orlando realtor to find your investment home, you can cut out a lot of the legwork. Realtors not only have access to the MLS but they are also able to provide you with the facts that you need about the area to make the right decision. A good realtor will be familiar with the area as well as the houses thus being able to give you valuable advice that will ultimately translate to more dollars in your pocket when it’s time to sell.
It’s also a good idea to list the property once you’ve finished the repairs. Listing the property with a realtor will give your property maximum exposure to buyers that are currently searching in the area. It’s always a good idea to interview several Orlando realtors before making your decision on which one is the best fit for you.
