Residential real estate continues to be an intriguing investment vehicle for a variety of people and a multitude of reasons. In the past couple of years, as Greenwich real estate continues to have a supply that outweighs demand, the market continues to favor buyers, which of course, appeals to seasoned investors as well as those dipping their toe into these waters for the first time.
The following five guidelines are ones that I share with our clients who are looking for a Greenwich investment property:
1. Know who your target is. Have a clear picture of who your target is and what they are looking for.
2. Know the local market. This is not like buying a consumer product or a commodity. Understanding the nuances in location, the reputation of builders (if you are considering new construction), the walkability of the property (since that seems to be at the forefront of every buyer’s wish list) and other hyper-local data is critical in your decision making,
3. Be honest about the operating costs. Take the time to develop a thorough and honest cost analysis for the potential investment property.
4. Define your exit strategy. Determining when you potentially want to sell the property and making some high, low and realistic market assumptions will help you evaluate the investment quality of the property.
5. Supplement your knowledge base with those who have the experience and skill to supplement your thinking. Regardless of your confidence level and past experience, it never hurts to draw in those who are known for their abilities in areas that are relevant to the investment property that you are considering.
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