Are you looking to buy investment property in Oklahoma City? Over the years, Oklahoma City has received substantial interest not only from investors but also from individuals and families. In addition, real estate has proven to be a safe investment asset provided that you invest in the right property market.
In this article, the team from Keyrenter Oklahoma City outlines key tips that you should consider when investing in Oklahoma City.
What Is the Allure of the Oklahoma City Real Estate Market?
As a property investor, the ideal market is one where the demand for rental property is significantly higher than the supply. This assures you of a constant supply of renters and possible appreciation in value.
This defines the rental market in Oklahoma City. As the largest city in Oklahoma, both private entities and public authorities are drawn here. The city has recorded a positive annual growth in population for several years now. z
And while the benefits of living in Oklahoma City are plentiful, the entry cost is reasonable. The median home value in Oklahoma City is still below the national average. But if you are looking for a top-dollar option, we recommend the downtown area.
Tips When Purchasing Oklahoma City Investment Property
#1: Consider the Location
Location of the investment property should be one of the key criteria as you make the selection. What you are looking for is a rental property not too far away from common amenities/ services while still offering tenants some peace and quiet at night.
Due to zoning ordinances and the permanency of housing, the location of your property will play a big part in the pricing. You might have to dig deep to purchase a property close to the downtown area or near key infrastructural projects.
What will determine the location is also your target renters. If you are looking to rent to families, they prefer the suburbs away from the noise. Students and young professionals prefer to be closer to the action and the nightlife.
#2: Think of Expenses
Prior to and while leasing the property, you will incur some expenses that ensure your rental property is running as it should. For starters, there is the cost of permits, licenses, and insurance. You need to be aware of such licenses to be on the right side of the law.
Your typical renter wants to live in a property that is in tip-top condition and as a result, maintenance costs might be incurred every month or quarter. It is also your responsibility as the landlord to cater for impromptu maintenance costs unless it is the tenant’s fault that has led to the damage of the property.
And don’t forget that you have to pay taxes. To properly itemize all the expenses that you may have to pay, you might be required to get in touch with a local professional in the area. Call upon the experts at Keyrenter Oklahoma City.
#3: Consider Property Management
Purchasing property is just the first step in the journey of property ownership and leasing. You must also consider the management of your property.
Due to the excitement of owning rental property, many first-time owners consider self-management of their property. While it is a hands-on approach, it requires property owners to dedicate a lot of their time and energy. There is also the stress associated especially if one doesn’t have the experience or expertise.
Here at Keyrenter Oklahoma City, we offer comprehensive management solutions for our hundreds of property owners in the area.
From our experience in the area, we acknowledge and appreciate the myriad and diverse needs of our clients. That’s why we customize our services to ensure that our clients and their tenants’ needs are comprehensively met.
#4: Emphasize Security
For the period that you lease your investment property, it is going to be somebody’s home. They will want to be safe and have peace of mind when they leave in the morning for work.
You have two options when it comes to security; either purchase a home that is already fitted with security features or install said features once you made the purchase. Make sure all entry points are secure, install security lights, and if possible an alarm system connected to a security company.
#5: Get a Mortgage
For most individuals in the United States, property assets make up a substantial percentage of their portfolio. And due to the entry cost, you might want to offset some of it by getting a mortgage from your bank.
There are benefits and disadvantages that come from getting a mortgage for your investment property. While you might benefit from cost-effective loans, the interest rate may vary per month leading to variable payments.
Before you secure a loan, make sure you have gotten in touch with an expert to advise you accordingly.
You should be aware that the above list is not conclusive. There are many more considerations that an investor should have in mind when choosing and finalizing their selection. Property is a unique asset that is technical in nature and requires you to be in sync with local ordinances, State Landlord-Tenant rules, and federal laws.
Do you need some professional property expertise in finalizing your purchase of Oklahoma City real estate? Get in touch with the experts at Keyrenter Oklahoma City. We have an experienced, able, and well-trained crew that is known for its professionalism, quality customer service, and accountability.