If you’re in the market for an investment property in Asheville, you’re probably aware of the wide range of properties available, and the long list of logistics involved in purchasing one of those properties. Navigating the complicated process of buying a single- or multi-family home, a parcel of land, or a commercial building can be daunting, but it can be made less so by aligning with a real estate agency adept at spearheading such deals. Mosaic Community Lifestyle Realty has agents specially equipped to guide you through the ins and outs of investment property purchases, offering a deeper knowledge and invaluable tips that might otherwise be unavailable from a less experienced agent. Below, a few ways Mosaic makes the process more manageable, helping you to get the best deal on your investment:
Cap Rate and Contract Considerations
One important guide in shopping for an income-producing property is the capitalization rate – the ratio of the property’s net income to its purchase price. Evaluating the rate of return on your investment goes beyond a simple math equation; things to consider include financing duration, interest rates, and the type and condition of investment property. A Mosaic agent can dig deep for you, helping you to compare the cap rate on several properties and hone in on the one that gets you the best return on your investment.
Transaction contracts and what they contain vary widely depending on the type of property. Which one to implement, and what it should include in the fine print, can be complicated to understand, which is why it helps to have Mosaic at the table. How quickly the process during the examination period (due diligence) is completed is crucial, something that Mosaic agents know and prepare for accordingly.
Assembling Your Team
Buying an investment property often involves retaining a variety of experts for inspections, code reviews, and structural and environmental components. Do you need an architect, civil engineer, builder, surveyor? Mosaic agents can advise you on which specialists make sense to add to your team, and which assessments need to be covered.
Types of Leases
When you’re looking at an investment property purchase, one of the things to consider is the type of lease you will be implementing with your tenant. You may be unfamiliar with the terms of a gross lease, a full-service lease, or a triple-net lease, so it’s important to have an agent who can help you weigh the pros and cons to each of these options.
These are just a minute portion of the many bases that must be covered when diving into an investment property deal. For a personalized plan suited to your investment goals, or for more general information on real estate in the Asheville area, please contact Mike Figura at Mike@MyMosaicRealty.com or call him anytime at (828) 337-8190.
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