Guide to Buying Apartment Buildings for Sale in Ohio Wednesday, November 01, 2017
Ohio is one of the top five tax climates in the United States, so it is not surprising that you are looking at the various apartment buildings for sale in Ohio as a lucrative investment. However, an investment in real estate is not something you should jump into without preparation. This purchase can be a great asset, as long as you make a wise choice. Want to know how to buy an apartment complex? Wondering if there are best practices? This guide, containing necessary steps and critical tips, will point you in the right direction.
Basic Steps to Buying an Apartment Building
There are many elements to consider before you buy an Ohio apartment building for sale. When you are looking at the various apartment complexes available, keep the following steps in mind:
- Understand the responsibility associated with apartment ownership and management.
- Determine your investment capability beforehand; get pre-approved for a loan.
- Plan your budget and understand your mortgage payments.
- Set your expectations for your investment – what size is acceptable to you, how many units, which location, etc.?
- Consider your options for a commercial realtor or commercial property broker.
- Always compare a number of apartment buildings for sale in the area before making a decision.
- Be prepared to get an inspection and appraisal before making a final decision.
- Attend the closing and truly understand what you are getting before you sign on the dotted line.
Keep These Critical Tips in Mind
Owning an apartment complex, although very profitable, can be a lot of work. You need to be sure you handle your investment property. A great investor will manage the process with a long checklist and not jump into anything too soon. Consider these tips when buying apt buildings for sale:
- Contact a commercial property broker who understands the location and value.
- Obtain a commercial real estate appraisal of the property before buying.
- Do your own walk-through with the seller.
- Talk to the people who live in the neighborhood about the location.
- Find out the value of the property, in terms of rent.
- Consider additional costs, such as insurance and mortgage.
- Will you be hiring a property management company? Consider the cost and whether there are any reputable property management companies in the area.
- Consider the cost associated with renting out the units; finding suitable tenants is not always as easy and cheap as you may think.
The good news is that if you cover all of your bases before making a final decision, you’ll have a better chance of a smoother apartment building ownership undertaking. In the long run, a more extensive and expansive buying process can mean a more profitable purchase for you.
Need Help Finding Apartment Buildings for Sale in Ohio?
Have you considered talking to a commercial real estate firm for assistance? Located in Columbus, Ohio, The Robert Weiler Company has been assisting commercial real estate investors throughout Central Ohio since 1938. From commercial property brokerage and appraisals to development, consulting, and property management services, we offer a wide range of CRE capabilities. Now, how can we help you find and buy apartment buildings for sale in Ohio? Call 614-221-4286 today to find out.