For many years, the real estate market has delivered excellent returns on investors' money. But in order to profit from the rising prices, you have to first purchase a house or apartment. Getting on the property ladder can be challenging, especially for younger investors who don't have a fortune. Today, we'll have a look at how you can invest in real estate in Charlotte, NC without having to save enormous amounts of money first.
How to Smartly Invest in Real Estate in Charlotte, NC
Property can be a highly profitable investment, but if you buy an overpriced house, you can also lose money. Before you purchase your first property, you should consult with specialists who know the local real estate market. Here at Better Path Homes, we are happy to help new investors find out more about the various types of homes for sale.
We focus on purchasing houses from people who are in a rush to sell, for example because they are behind on their mortgage. Such properties are often cheaper because they have to be refurbished or rebuilt from scratch. If you have limited funds, distressed real estate could be a great fit because you can often get it at a lower price.
How Much Do I Need to Save?
In the local area, you can expect to pay around $370k for a house. The most common down payment is 20%, so you might need to save around $74,000. However, certain mortgage providers may be happy to grant you a mortgage with a 10% or even 5% down payment. Your experts at Better Path Homes can help you find some high-quality providers that suit your needs.
It's also important to remember that the median house price is a very rough estimate because everything depends on the time of year, the exact location, and the size of the property. What's more, buildings that are facing foreclosure are often in bad shape, so the price is discounted to take into account the need for renovations and updating. You could purchase your first property at a much cheaper price if you opt for a distressed building.
The Advantages of Distressed Real Estate
Whether you're a first-time buyer or a seasoned property investor, purchasing distressed real estate can be a good deal. When working with us, you can not only save money, but you'll also remodel your home the way you like it, and you won't have to worry about high or hidden fees.
You Save a Lot of Money
Buying a home is an emotional decision for many people, which is why the condition of a property can make a big difference to its price. Experts estimate that an appealing exterior, high-quality decor, and cosmetic fixes add around 5-10% to the price of a property.
But since most people enjoy putting their own touches on their house, the cosmetic aspect doesn't add any real value. By purchasing a property that hasn't been maintained very well, you can save thousands of dollars.
You Can Remodel or Build the Home to Your Liking
If you buy a beautifully decorated home, you might be more reluctant to rebuild it, since the work has already been done. However, a fixer-upper is perfect for people who enjoy making their place their own. After purchasing a distressed house, you can work together with the experts at Better Path Homes to remodel your new home in a way that suits you best.
There Are Very Few Fees
Often, real estate companies charge high fees that may not be clear at first glance. After buyers commit to a property, they are shocked to discover that they owe several thousand dollars more than they originally thought. But we at Better Path Homes don't operate that way. When we agree to a price, we stick to it, and you can be sure you won't be charged more.
How to Safely Invest in Distressed Real Estate
Now you know why distressed real estate is a great investment opportunity, you might wonder how to benefit from it. You could look for properties on your own, but this might be risky, especially if you don't have a lot of experience with the local market. You might inadvertently buy a home that is not structurally sound and therefore requires a lot of expensive maintenance work.
Instead of taking this risk, you should work with local property experts who have bought and sold many distressed homes before. At Better Path Homes, we employ experts to walk through and evaluate each property. That way, we make sure that the price of the homes we sell is proportional to their quality.
In Charlotte, NC, you can invest in real estate even if you don't have a fortune. By collaborating with a company that buys and sells distressed houses, you can create your perfect home and purchase it at a reasonable price. Call or message us now at Better Path Homes to find out more. We will be happy to put you on our mailing list, so you can find out about new properties for sale as soon as they are available.