If you plan to invest or shift in a multi-family home - being a part of the Buffalo real estate market is a clever idea. These strategic houses would house you and several other families simultaneously. So, you would have a place to stay along with a steady income flowing from the rent.
But finding multi-family homes for sale in Buffalo, NY, and securing one can be a pretty tedious job. You must consider which property to invest in out of all homes for sale near me. Don’t worry! Being one of the top real estate agents in Buffalo, NY, I, Michael Silbak, am here to guide you through the buying process and help you find your dream house.
Steps to Buy Multi-Family Homes from Experienced Realtors Buffalo
Look Out For Specific Factors.
There are several houses for sale in Buffalo, but you need to keep certain critical factors in mind while purchasing. Experienced realtors in Buffalo would suggest the same. Location, for one, is the most important determining factor. The best area is the one which is developed or is developing - they have the potential to give you high returns in the future.
Another factor should be the layout and size of the property. Keep in mind that your tenants will use the property with different needs. Every tenant adores extra space, be it a laundry room or storage space, so keep a lookout for it. Avoid any property that has been heavily customized to suit the previous owners.
Lastly, ask around for the available rental prices of the area. It should be enough to pay you back for the investment and generate profit on your purchase.
While a property might look good at first glance, several small red flags can give you trouble in the long run. It includes:
- Structural damage
- Foundation problems
- Roof leakage
- Noise pollution
- History of suspicious takeovers and handovers
- Situated in a flood zone
Keep the Floor Area Ratio in Mind
Another major consideration while investing in multi-family homes is the Floor Area Ratio - i.e. the ratio between the total liveable area vs. the total area of the lot on which the building is. Avoid going for low FAR if you plan for an extension in the future. Go for trusted realtors Buffalo, like Michael Silbak, and we will guide, advise, and show you everything that you must know for balancing out FAR perfectly.
Negotiate and Offer
Never buy a property at the given price. Work closely with your agent and negotiate with the seller’s agent. Go back and forth until you reach a price that both parties agree and are comfortable with. Here you can ask help from realtors Buffalo, who would suggest prices that will be enough for you to compensate through profits.
Renovate and Get The Home Ready
After securing the house, renovate the property until it is ready for the tenants to move in. If your budget allows, you can even renovate it lavishly to draw in more high-end customers. And if you plan to occupy one of the houses, then ensure that all of them are equal in amenities and state. Keep the property up to date with renovations and repairs to lure new customers and keep the ones already present.
Get the Best House Deal and Offers with Reliable Realtors Buffalo
We offer the best prices and offers for you and your investment. So, no more googling ‘house for sale buffalo, NY,’ because everything you need, we have it at Michael Silbak Estate! We proudly hold the reputation of being ranked among the best realtors in Buffalo. From the beginning of the buying process till you secure the best property you have us by your side. Just give us a quick call or connect with us over email!