When some people decide to buy property outside the state in which they currently live, they may be doing it with a lot of knowledge already. They could have the resources of friends and family already living there, or the experience of having visited and spent significant amounts of time in the state.
For others, however, the choice to buy real estate- whether it’s a commercial property, single home, a condo, or even bare land- can seem daunting without some knowledge of the new state.
Of course, there is some research you can do for yourself. You'll have to narrow it down to the state and maybe a county or region on our own. But when you get down to choosing a city or town, the best source of information is going to be a well-qualified real estate broker.
Here are five reasons why most people buy out-of-state and how a real estate broker can assist with all these scenarios.
- Retirement Retiring used to be simple. You bought a place wherever you liked the weather and you stayed there. Now though, people live longer, retire earlier and have active and diverse retirement lifestyles. An agent or broker based in the region you're considering can help pinpoint the best spot the lifestyle you want to have.
- Rental income If you buy property but don't plan to use it all the time, you might think about renting it out-either by advertising locally or using a website like Cyberrentals.com. Either way, a local agent or broker can give you the scoop on everything from advertising options to cleaning services to management companies and landscaping pros in the area.
- Vacation destination Do you like skiing? Surfing? Boating? Hiking? Cultural attractions? Tourist attractions? Some or all of the above? The great thing about talking to an agent or broker in advance is that she or he can also tell you what's available in the area, with the confidence and insider knowledge of a local resident.
- Family relocation The reasons to relocate are many: change in job, change in lifestyle, moving closer (or farther away from) family, choosing a different environment for raising your kids, lower cost of living, even lower taxes. You'll be able to do a lot of research about the state you want to go to, but when it gets down to picking cities or towns, finding a local agent or broker who knows the lay of the land is vital to being satisfied with the ultimate decision you make.
- Real Estate investing As evidenced by TV shows like "Flip This House" buying homes to fix up and resell ASAP is a growing trend. And with foreclosures at a 30-year high, more and more homes can be found for this purpose. With the help of an agent or broker in-state you can easily find the lenders offering houses for sale, reliable people to do the upgrades, and even market the property for sale.
Ideally, you'd want to spend as much time in the state in which you want to buy-exploring, asking questions, and seeing for yourself what the experience will be like, and how it fits into your specific situations and desires. But most folks don't have the time or resources to do that. And in those cases, the local real estate broker can be one of your first and best friends in that new state.