Identifying Properties With Good Value
As a buyer it's important to recognize the difference between getting a great price and buying quality property. It's easy to lean towards the best price without considering what property gives the best value.
They are priced correctly.
Property considered to be "quality" typically don't need to be priced below similar sales because they can compete as-is. Quality properties will be on the market for a shorter period of time and sell close to, or above, their asking price.
They are in Good Condition.
Less out-of-pocket expenses up front means more capital and higher profit early in your investment leading to an overall better performance. This enables a quicker turn-around time since you don't need to recoup the extra cash.
Quality following Pride of Ownership.
Typically a quality property has been cared for and properly maintained by the previous owners. It's not always evident (even with a home inspection) whether hidden issues may arise after you have settled into the home. A properly cared for and maintained home will be less likely to come back to bite you later.
Quality Properties are the first to sell.
In a tight market, quality properties can demand premium prices or generate multiple offers very quickly after coming on the market. In a market with high inventory, these properties are the first in the market to appreciate in value.
Quality Properties have a higher upside.
In an appreciating market the value of most homes is rising. Values rise because of a lack of inventory. When there is little inventory and the Grade B and C properties are appreciating, buyers will pay a significant premium for the quality properties so that they don't have to spend money on improvements.
Let me be your guide to purchasing a home in Myrtle Beach. Please refer to my Buying a Home page for greater detail about my process of helping you purchase the perfect home at the best possible price.
Let's work together.
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ASHLEY DELONG | REALTOR© |
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