Pinpointing the right investment property in Murphy, North Carolina is like looking for the proverbial needle in a haystack. Whether you’re searching for a mountain cabin, rental home, or commercial building, you likely have several MLS properties that interest you. So, narrow the field by doing some due diligence on your top-tier candidates. Next, partner with a leading realtor who will gladly provide you with additional details and professional guidance. Then, you’ll be in a better position to make an informed purchase decision.
Get Acquainted with the Area
Naturally, you want to learn as much as possible about your potential investment property’s location. So, get in your car (or truck) and take a leisurely drive around the county. Look for adequate access routes to surrounding communities, and notice the number and type of shopping venues. Make a mental note of parks, recreational activities, and medical facilities. In other words, take the perspective of a potential home buyer or business owner.
Next, let’s assume you’ve browsed the MLS listings, and you’ve found several houses for sale or commercial properties in downtown Murphy, North Carolina. Can you easily access that part of town? Cruise through the business district; and notice the number and types of shops, restaurants, and other establishments. Adequate parking is especially important, as residents and visitors want easy access to local businesses.
Now, park your vehicle, and stroll around town like you’re buying a home there. Visit with several shop and restaurant owners. Learn about the business climate, and get a sense of business owners’ and residents’ relationships with local governments. Walk to the town hall or city manager’s office, and learn about upcoming business and residential development plans. Ask your real estate agent for any “inside track” information. Simply put, you want to know that you’re investing in a vibrant community that’s continuing to grow. Finally, for an up-close perspective of the town and/or county, call or visit friends or family who own a mountain home or work in that locale.
Obtain Local Demographic Data
Put on your detective hat, and do some in-depth due diligence on the town’s demographic makeup. Your goal: to determine how this town stacks up against other towns in the county or surrounding region. Begin with the local Chamber of Commerce website. This valuable resource will likely contain useful data on the general economy, population makeup, median income, business ownership breakdown, and much more.
Next, browse the town’s official website for additional nuggets of information. Besides assorted local government details, you might find listings of upcoming events and points of interest. Again, you’re looking for a lively, growing town with much to offer current (and potential) residents and visitors.
Pinpoint Each Property’s Potential
Now, let’s open the zoning can of worms. For example, let’s say you’re interested in a property that currently carries residential zoning, but you think it would make a terrific business location. Before you proceed down that path, learn about current property usage limitations. Next, talk to town managers about the feasibility of a zoning change. Also, ask your realtor about other clients’ recent experiences with zoning issues.
If you decide to pursue that option, realize that you’ll incur some attorney’s fees. You could also face logistical delays that further complicate your plans. So, if your commercial project carries a tight timeline, decide if it’s still workable given those limiting factors.
Visit the Registry of Deeds
Let’s say you’ve found a home or commercial building that piques your interest. To obtain valuable mortgage information on the property, visit the town’s Registry of Deeds. With a little digging, you can get the property’s current mortgage and last selling price figures. Most importantly, learn about any outstanding liens that could affect your potential purchase. Although sifting through these public records will take some time, this information will provide an insight into the seller’s perspective during previous contract negotiations.
Comb through the Permit Records
If you’ve gotten to this stage, you’re seriously interested in a property, and you want your ducks in a row before possibly making an offer. More specifically, you want complete permit data on the property’s previous construction, addition, and/or remodeling projects. If you can’t find these details online, view the written records at the town government offices.
For example, maybe the seller put up a new roof, but never pulled a permit because he wanted to avoid construction delays. That speaks volumes about his mindset, and potentially provides you with an advantage during contract negotiations. Share these (and other) relevant details with your realtor, so you’ll be in the best position to make an offer that aligns with your business goals.
The Poltrock Team – REMAX Mountain Properties – Murphy NC – www.ILoveMurphy.com – Call us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team