Often, purchasing real estate is an emotional experience. You want a house that has your desired features and that you can see yourself living in happily. However, you can’t ignore the fact that real estate is also an investment, and an expensive one, so you need to make sure your choices will deliver a return on investment down the line, and hopefully a tidy profit, as well.
If you’re not familiar with the real estate market in Sioux Falls, SD, you may not realize that this midwestern city has seen increasing growth over the last decade. South Dakota is currently the 11th fastest growing state in terms of population, and that doesn’t include out-of-state real estate investors that see an opportunity for profit.
What does this mean for the average Sioux Falls resident looking to enter the arena of homeownership, transplants coming in to open their practices and raise their families in luxury homes, or investors seeking multi-family dwellings that could deliver passive income opportunities? In essence, you may have to move quickly to secure the right property, and this means knowing what you want and having all the pieces in place to put in an offer on your perfect home. Here are a few tips to secure your investment.
Have a Good Idea of What You Want
You obviously know if you’re looking for a single-family home or a multi-family dwelling, and you probably have some idea of your price range, but this could make for a vast sea of properties to peruse, and that can take time. You could end up missing out on the perfect listing while you’re busy seeing the wrong properties.
Think about what you need in terms of square footage and rooms, or alternately, number of units, as well as the age of the structure. Do you prefer new construction or are you okay with an older home that could use some upgrades? Consider whether lot size is important, if you prefer certain neighborhoods or school districts, and whether you want the property to be near specific amenities like dining, entertainment, or transportation.
Are you looking for a million-dollar home with luxury amenities and stunning views? Do you want a duplex or an apartment complex? And don’t forget to consider the time frame for your investment, including the amount of equity you hope to build before selling. Nailing down these factors beforehand can help you to laser focus your search and snap up the right property before another buyer.
Get Preapproved
If you want to get your bid in first when you find the perfect listing, getting preapproved for lending is a must. This will ensure that, should your offer be accepted, you’re able to close the deal instead of facing delays that leave the door open for competitive bids.
Partner with a Local, Luxury Realtor
The bustling Sioux Falls real estate market is in constant flux, and desirable properties can go fast. When you partner with a knowledgeable and experienced realtor in the high-end home market, you’ll get the inside track on the hottest new listings, sometimes before they even come on the market, and gain the best opportunity to find an investment property that really pays off.
