3 Tips for Choosing an Investment Property in Melville, NY
From gorgeous nature preserves and rolling farmland to cultural activities and fine dining, there's a lot to see and do in Melville, NY. In fact, you might love your stay here so much that you want to put your roots down in this charming Long Island hamlet.
Whether you intend to flip and sell your space or turn it into a rental unit, there are many perks to buying an investment property in Melville. However, it's important to choose the right spot for your needs.
Today, we're sharing three tips to help you navigate the local real estate market and choose the best spot!
1. Keep Location Top of Mind
There's a reason real estate agents preach about location. It truly is the most important factor that renters and buyers consider when surveying a prospective property. While there aren't any undesirable locations around Melville, think about what your tenants will be looking for.
Do you want to appeal to families? If so, you'll need a home near schools, parks, and other neighborhood amenities. If you want to attract singles with disposable income, look for a unit near nightlife, dining options, and retail stores.
2. Understand Property Taxes
Property taxes can vary widely across a region, and you'll need to know yours before you invest. While high property taxes can be off-putting, they're not always a bad thing. Sometimes, this is a sign that the property is in an affluent, exclusive neighborhood that attracts long-term tenants.
The median property tax for Melville real estate is more than $6,000 per year. Make sure you're aware of how much this expense will be before you sign on any dotted lines. You can also reach out to the local tax assessor for historic rates, and inquire about any possible spikes in the future.
3. Research Local Rent Rates
Do you plan to rent out your investment property in Melville NY? If so, research what other comparable units are renting for before taking the next step. You can often find this information online, or by contacting local residents.
Ultimately, the property you choose should be able to provide enough rental income to cover your key, recurring expenses, such as:
- Mortgage payment
- Property tax
- Costs of maintenance, cleaning, and repairs
Check building forecasts to see if there are any major developments planned in the area over the next five years or so. You might be able to afford the property now, but changes like this could spike up prices considerably.
Choose the Right Melville, NY Investment Property
Keep these tips in mind as you search for the perfect place to call your own in Melville, NY. Then, once you find the perfect investment property, let us take the busy work off your shoulders.
At PMI Lighthouse, we provide expert Melville property management services, taking care of everything from tenant screening to rent collection and maintenance. This way, you can rest assured your home away from home is always in good hands. Contact us today to schedule a consultation and learn more!
