Most real estate investors build their portfolios by purchasing properties near the places they live and work. It’s convenient and gives them a sense of security since they can physically see their investments.
What do you do if you’re priced out of your local market or want to scoop up a deal in a trending neighborhood on the other side of the country? When long-distance house hunting is your best—or only—option, you need a team to help you pick the perfect property. Here’s what you can do to help your real estate agents and property managers in Colorado find and take care of your new place.
1. Create a Wish List
The first step in any real estate purchase is to make a list of all the features you want in the new property. Some considerations include:
- Property type: single family home, condo or townhouse
- Neighborhood: suburban street, gated community, rural
- Access: walk-up or elevator service
- Recreation facilities: private or community swimming pool, playground access, sidewalks
- Floor plan: split plan, great room, laundry room
When you finish, review your master list. Decide which features are non-negotiable and which you can live without.
2. Research the Area
Even if you can’t physically visit the city where you’re thinking of buying property, you can research the area online. Visit websites with neighborhood guides that provide information about nearby shopping and entertainment. Check out current property listings to gauge selling prices of property similar to what you want to buy. This serves two purposes. It helps you set a budget for your purchase and gives you information to discuss with your real estate agent.
3. Hire an Experienced Real Estate Agent
If you can’t be on the ground looking at potential properties, you rely on your real estate agent to be your eyes and ears. Look for an experienced agent who knows the area well and has worked on this type of transaction in the past. It’s also important to choose someone who has the means to keep you updated through each step in the process and is available to talk when it’s convenient for you when you’re in a different time zone.
Woodruff Property Management has property managers in Colorado who can help you protect your investment. Whether you’re planning to rent out the property to generate income or want a tenant to occupy the home until you’re ready to move in, give us a call. We’re happy to listen to your needs and discuss our services.