Do you have some extra cash and are thinking of buying an investment property in North Carolina? My previous post (click here to read it), presented the questions to take you down the path that is best for your goal. So perhaps you’re ready to buy an investment property in the Triangle area (Raleigh/Durham/Chapel Hill) and you’re considering new construction. Well, I have some bad news for you… investors are not welcome at almost all of the new construction communities at the moment.
This Is Ridiculous… Why No Investors?
Builders in the area realize that there is an extreme housing shortage. (Read this article about the housing shortage.) Due to this, almost every new construction community will not sell to investors – they want people who truly need a home to be able to get one. In fact, many builders are inserting a clause into their purchase agreement stating that a buyer may not sell or rent out the property within the first year of ownership. They are not readily advertising this on their websites (nor are they accurately telling you the whole buying story at their communities, but that is another blog post for another time).
Desperate For An Investment Property?
Many investors realize how profitable the appreciation is in our area; therefore, they are going to great lengths to acquire a property. For the time being, investors have to settle for a resale instead of new construction. I know that many are not happy with this. When will this end? Until the inventory increases (no time in the near future), builders say they will continue to only sell to primary residents. It may be years before an investor is able to acquire a new construction property.
What Can An Investor Do?
If you want to purchase an investment property in the Triangle area, you need an agent who is able to get you off market listings, coming soon listings and has a network of office exclusive listings to choose from. When you are seriously ready to start your search, let me know and I can help!
Happy Home Buying & Selling In North Carolina!
