Investing in a recreational property is a great way to build equity and generate additional income at the same time. Additionally, it can also serve as your go-to place for a quick getaway with friends and family.
Here are a couple of tips that will help you purchase a recreational property in the Lake Wedowee area.
- Work with a local expert on recreational properties.
Recreational properties are a different kind of investment. Enlisting the help and experience of a local specialist is a must. This way, you will be able to scrutinize each property you view carefully and determine the quality of the place, as well as its potential to earn.
- Widen your scope when it comes to comps.
While finding comps for residences is relatively easy, it can be a challenging task if you are buying a recreational property. Each listing will, in one way or another, differ from each other in varying degrees.
To remedy this, it is best to adjust your scope when looking for comps. Instead of limiting your search to other recreational properties located in the same area, you can include listings located miles away.
Your real estate agent should be able to understand and adjust estimated values accordingly.
- Consider the property’s best uses.
Say you want a recreational property so you can turn it into your dream campsite in Lake Wedowee. Keep this goal in mind and compare it with the best uses of each recreational property you look at.
Some may be more perfect for purposes other than camping. More importantly, some might not even be able to accommodate such a plan.
If you want the recreational property that really speaks to you but don’t necessarily meet your plans, you can adjust accordingly (i.e. invest in improvements or change your plan) or find the place that works to your interests.
- Think long-term.
Potential for income generation aside, the most important thing to consider when buying recreational property are your long-term goals.
Is it your dream to provide the perfect place for a Lake Wedowee getaway? Do you want to pass the place onto your kids or closest relatives along the road?
Your long-term goals, along with current market statistics, prices, and best uses, will help you sift the properties and find the one that is just right for you.
Request for a market analysis of the entire area.
Aside from looking at comps, get acquainted with the average and median sales prices of recreational properties in the area you’re interested in.
This market analysis will differ from those about residential properties. For instance, the report will include the quality of property, the utilities and facilities available, wildlife, and even timber.
Ask your real estate agent to do a statistical analysis of the local market and go over it together.
Find recreational properties in the Lake Wedowee area
No one knows the Lake Wedowee area better than the team at Wedowee Lake and Lands Realty, LLC. Connect with them today at 1-256-357-9600 to find the ideal recreational property.