Remember that exhilarating feeling of new-found independence when you left to start your freshman year of college (or finally moved out of your parents’ house)? Now that you’ve survived the college years, it’s time to consider how you can capitalize on the many students, especially graduate, doctoral, post-doc, and Residents that flood Port Jefferson and Three Village areas to attend Stony Brook University and the surrounding hospitals.
If you’ve always been interested, yet wary, about purchasing an investment property, now is a great time to buy. We all know it’s a buyer’s market with all-time low home prices and low interest rates. If you couple this with the fact that the Port Jefferson and Three Village areas happen to be heavily populated with university students, you’ve got a recipe for a fruitful investment opportunity. One thing I always hear from incoming University goers is that it is very slim-pickings when it comes to housing options. When Stony Brook was established, they were careful not to give it the typical “college-town” feel, by nestling it into a residential area. There are very few apartment complexes in the area to choose from. Most students find the best options in the surrounding neighborhood homes. They are generally great tenants–hard working, and focused on the rigorous courseload demanded of Stony Brook University.
If you think back to your late teens and early twenties, you’ll likely remember a time where having a place of your own was one of your top priorities. This fall, thousands of co-eds will be scouring Craigslist for an off-campus apartment in the Three Village or Port Jefferson area that’s affordable and in a convenient location. Are you convinced yet that getting involved with an investment property is the right move? Here are my tips for buying a Three Village or Port Jefferson investment property:
1. If you decide to target students as renters for your Three Village or Port Jefferson property, be sure to choose the right location. Stony Brook University students will be on the hunt for an affordable, safe and convenient rental. A few factors to consider when choosing where to buy your Three Village or Port Jefferson investment property include access to public transportation, proximity to grocery stores, coffee shops, medical facilities and entertainment. At some point in the future, you may sell your Three Village or Port Jefferson investment. Remember, if you buy in a desirable location, your property will appreciate over time and potentially yield a higher sale price.
2. Don’t go at it alone! Find a trusted Port Jefferson real estate agent (ideally, me!) who has experience with investment property deals and who is highly knowledgeable in the local real estate market. My associate Caroline Jane Parker and I have a combined experience of 35 years living in the Port Jefferson and Three Village areas. An experienced Realtor can walk you through the home buying process from start to finish and help you find promising properties you may not have found on your own.
3. When you find an investment property in need of some TLC, your first instinct will probably to run the other way! Instead, look at the potential the home has to offer. If it’s in a great location, the price is right and you have the budget to make some repairs, you may have found a diamond in the rough. However, I caution you not to go overboard on renovating the property. Forgo the granite counter tops and name brand faucets and fixtures in favor of simply making the home flexible, clean and bright.
The Celebrate Your Home Group makes it easy to search for your new Long Island investment property. If you’re ready to jump in and make an investment in the Port Jefferson real estate market, please give me a call! I’m confident you won’t find another Three Village or Port Jefferson Realtor more experienced and knowledgeable about the area. I look forward to hearing from you!
Three Village/Port Jefferson Real Estate Expert