New York is filled to the brim with unparalleled diversity. From Times Square to Montauk, it truly embodies its claim to “excelsior.” If you’re unfamiliar with the state’s motto, it is “our continuous search for excellence and belief in a strong, bright and ever better future.”
Of course, the city that never sleeps has a motto that pierces our minds and challenges us to keep searching and bettering our futures for ourselves, our children, and every one thereafter.
If you’re contemplating buying property in New York, consider the western New York real estate. The Finger Lakes region has so much to offer throughout the seasons.
The Spirit of Western New York
New York state’s terrain varies. There are parts of the state that are filled with lush, enormous forest, reminiscent of the pacific northwest. Many people miss out on the beauty that all parts of the state have to offer.
Don’t let that worry you, though. There’s so much space to roam with the buffalo that you’re only bound to find congestion if you go looking for it.
Folks from around the world visit the Finger Lakes region for respite. This region features award-winning culinary ventures and libations that soothe the soul.
The microclimate that the Finger Lakes create is essential to the wine they’re curating. If you’re a fan of wineries, distilleries, and breweries, you’ve found your people.
If you’re more of an outdoor enthusiast, we’ve got you covered there, too. From hiking trails through Watkins Glen State Park to boating on Keuka Lake, the outdoor life will serve you.
How to Invest In Western New York Real Estate
When considering how to invest in western New York real estate, you want to zoom out to the most fiscally responsible concept. Since real estate investment is a popular route, folks have found many avenues to explore their options.
There are varied elements to consider when investing in real estate. The first order of business is determining how you’ll go about paying for your new property. Ideally, you’re in a financially supportive situation where you can pay 100% cash for your new investment.
The amount of interest you will save by paying off your investment immediately is not something to shrug off.
If you’re able to pay cash, your income from your new investment will flow with abundance. While the market is known to be stable even through the ups and downs of economic crisis, real estate is one of the most reliable markets out there.
Whether you’re planning for retirement or looking to diversify your funds, investment properties in Western New York can open the right door to this season of your life. On the road to investing in western New York real estate, you’ll want to connect with someone who can support you with experience and education.
This type of investment requires knowledge of the real estate market property history, tax savings, and other opportunities to make the most of your investment.
Accessibility and Investment Approach
Accessibility is one of the core pieces of a stable future. Knowing what your assets can do for you is crucial to the vitality of your investments. The idea is to create a cyclical, supportive web for you and your loved ones.
Property for sale in western New York has been fluctuating at an attainable price range for quite some time. As tourism and relocation numbers soar, it might be time to get ahead of the curve.
There are endless ways for you to diversify your income, and real estate investment isn’t specific to any age group or person.
This practice can serve people at different intersections in their lives. You could be a student looking to establish a home and rent out rooms to your peers. You could be in your last six months of pre-retirement living.
There are opportunities at every corner. How you invest is just as important as what you’re investing in. Take responsibility by applying some simple boundaries to help you make constructive investment decisions.
Get familiar with the market. Take note of property trends and become well-informed on interest rates, employment, and local economy shifts. Knowledge is power, and when you have access to this level of information, it’s in your best interest to set yourself up for success.
When investing in western New York real estate, you want to determine what direction you’d like to take. House flipping is a very attractive route for countless families and individuals.
Let’s say you want to use the property during hunting season, and you decide you want to lease the residential property for six months out of the year. The flexibility within real estate investment makes it one of the most unique ventures and reliable investments.
House Flipping
House flipping changed the trajectory of investment as we know it. Last year, 245,864 homes and condos were flipped. This showed a 2% increase from the year prior, which has been the zenith of the house flipping market since 2006.
Flipping a house could be your ticket to a big return on investment. If you decide to sell after flipping, your property may sit on the market for around 50 days. In the worst-case scenario, you need to be prepared to not have income until your home is sold.
Alternatively, many families or individuals will flip a home with the intent to sell it, using it as a second or vacation home while they create a plan. This creates the feeling of intermittent stability as you make your next moves. That stability makes all transitions so much easier to navigate.
Living in your new investment gives you the chance to “feel out” the property. It can help you determine what improvements you’d like to make to appreciate its property value. You choose the timeline — you choose the resources.
House flipping continues to be the main source of income for folks who have an itch for design and a few extra skills in their pocket. Don’t let that discourage you, however. There’s a solid chance you’re already connected to a person who knows a thing or two about house flipping.
While it can present itself as a major task depending on the property, the benefits of house flipping can create long-term success for your property investment. It could even open doors for you to hire others to perform the flipping part and allow you to step away entirely while your income grows.
Renting
The median income for a landlord in the Finger Lakes region is $95,951, and becoming the property manager of your investment isn’t as hard as it sounds. Many landlords will work remotely and have flexibility in their day-to-day living.
Being able to create active income from your investment while enjoying hunting season is a dream come true.
Investing in real estate offers the perks of renting out space with a contract where you determine what the parameters look like. And you can’t beat working for yourself.
If it sounds like the landlord’s life is too complex for the average person, consider this: About 16.7 million properties and nearly 23 million rental units are owned by folks just like you.
Referred to as “mom and pop” landlords, they are likely to own single-family and multifamily homes or buildings. Mom and pop landlords are typically folks who don’t need to show up for repairs or maintenance.
They’ll often send a maintenance request and have a contractor come by to inspect and repair any needs. So, not only would you be able to work remotely, but you’d also be able to learn and guide yourself through familiar situations should they arise in the future.
Investing in something you can build upon is brilliant. With a home or property, a little elbow grease goes a long way. The more time, money, and energy you sink into your investment, the bigger your return will be.
Vacation Hub
As of 2019, Airbnb hosts average around $924 per month. The consistent nature of weary travelers needing rest in western New York is not hard to come by.
Airbnbs, VRBO, and other lodging services are slammed during varying seasons. With this area becoming more popular for autumn getaways, it makes sense that people who live across the nation are choosing western New York for their respite.
Having a property that can support families or groups of friends on a hunting trip is where your investment starts to support you. By renting out your home when you’re traveling or living in another house, you create a catch-all environment that serves vacationers of all types.
Finding an investment property that feels repairable is key. And it might not hurt to call your cousin’s wife’s brother’s son to get the low down from a contractor. The second pair of eyes and opinions can mean the difference between a sustainable environment or a bad investment.
This is why it’s imperative to research buying and selling experts that can help you navigate the complexities of new property needs.
If you invest in a property that has been recently remodeled, you’re in a unique spot to act fast. If you’re not ready to move or live part-time in your real estate investment, Airbnb and services of the like can create a great source of side income.
Erie County is nestled along the Lake Erie shore in Western New York. This highly populated area draws visitors from Canadians, Americans, and beyond. Tourism in the Finger Lakes region has grown considerably over the last five years.
Let your new investment support the local economy and your wallet at the same time.
Why Western New York?
Property for sale in western New York is as unique as it is vast and beautiful.
Reigning in at the top of many best places to retire list, the Finger Lakes region reputation precedes itself. Not only are properties in the Finger Lakes region affordable and profitable, but they’re also in a location that provides a reprieve from the day-to-day grind.
Centered in the middle of the open wilderness, the Finger Lakes region acts both as the wild space we need to grow and the warmth of a city on the edge of greatness. From the Canada Lynx to the Eastern Cougar, there’s no shortage of incredible wildlife in western New York.
The friendly air in western New York is contagious. Between devoted fans and big football energy, the sports seasons come and go with excitement and nights on the town to celebrate.
Western New York brings the big city feel to the open range. It is a true collaboration between Mother Nature and her concrete jungles. There are acres of open forest, trails, and hunting-accessible properties that can pave the way for new traditions in your season.
Hunting is a big stimulator for the Western New York economy. Folks from neighboring cities make the trip out to the Finger Lakes region at the start of the season to unwind and get their hands dirty. It’s no wonder the real estate business continues to expand.
Real estate’s cash flow is predictable, as it flows with inflation. The appreciation that real estate levies continue to grow despite economic crises. Simply put, people are always looking for property.
Invest In Your Future
Wherever you are in your journey, you deserve to feel optimistic about your future. You’ve worked hard to get to where you’re standing, and it’s time to reap the fruits of your labor.
Whether you’ve connected to nature through hunting or other sport, Western New York real estate has miles of beautiful land to offer you — land that will serve you, your family, and generations to come.
If the Finger Lakes region sounds appealing to you, contact us. We’re ready to help you check off the boxes and put your dreams into action.
