Per the U.S. News and World Report, Long Island, New York, is home to four of the country's safest counties: Suffolk, Nassau, Queens, and Kings. With this designation, Long Island is undoubtedly an excellent location for home buyers and renters, as safety is a top priority for most of them. It's also the perfect place if you're looking for a fantastic investment tool.
Still, you must conduct real estate appraisals to ensure you'll invest in the right assets. PMI Gold Coast Properties has shared property value assessment tips and investment insights in this guide, so please read on.
What Real Estate Appraisals Reveal
Real estate appraisals are professional estimates or opinions about the value of a property on a specific date. They aim to provide an accurate property valuation.
An appraisal can help determine a property's market value or the probable price it will sell for. It can also tell you how much you can earn from the Long Island rental property you're considering investing in.
How Appraisals Can Help Long Island Investors
Appraisals as real estate evaluation methods allow you to determine if a property will be profitable. You can profit from a real estate investment by selling it for more than you spend on it or renting it at the right price. It can also help you avoid purchasing a real estate asset that could be a money pit.
Appraisals for Profits
Suppose you want to buy a property with a market price of $600,000, which, according to HuntingtonNow.com, was the median home price in Suffolk County, NY, as of the first quarter of 2024. The term "market price" refers to the price the current owner wants to sell it for.
You then hire a professional appraiser who gives you an appraised value of $650,000. It turns out that the seller is under duress (such as due to a threat of foreclosure), which is why they're selling the property for much less. The expert also gives you insights into which aspects of the property you can improve upon to raise its value further, say, to $700,000.
In that scenario, you can profit from buying the property for less and selling it for a higher price. You can also earn rental income by renting the property to thoroughly screened tenants.
Avoiding Money Pits
Without an appraisal, you could risk buying a money pit, such as a rental property that requires constant repairs. It could quickly drain your finances, and its many problems can also become the source of landlord-tenant disputes.
Ready for Accurate Real Estate Appraisals?
Now that you know how crucial real estate appraisals are to you as an investor, the next step is to partner with PMI Gold Coast Properties.
We're a locally owned and operated full-service real estate brokerage and asset management company serving Long Island, NY. We provide clients with accurate property analysis to help them make financially savvy investment decisions. We're also proud to be part of PMI, a fast-growing property management firm in the country with 20+ years of expertise and manages over $5 billion in real estate assets.
Get your free property analysis started today by reaching out to us!
