If you’re a real estate owner and you’re looking for your next Sotheby’s Phoenix home to buy, you might not need to look any further than your neighbors to find your next investment. By staying in touch, you could be the first in line to find out about a neighbor of an abutting property ready to sell.
Whether it’s a house your own, or a semi-detached or recreational property or maybe a condo, when the owner of the adjoining property to your house decides to sell, you might want to snatch that Sotheby’s Phoenix property up.
There are many reasons for this.
By not owning an adjoining property, you may be limited on what you can do on your property. Or maybe what your neighbor is doing with their home might be having a negative impact on your house. By owning an adjoining property, you have the option of combining the properties into one or at least a large lot that would allow you to build a bigger home or add more landscaping such as trees, all of which can increase property value.
You also have the option renting the adjoining Sotheby’s Phoenix property. This gives you more income, deductible maintenance costs, and the full benefit of that property's appreciation in value.
If it’s a recreational property you own, buying an abutting property could improve your enjoyment. For example, if the properties are on a waterfront, buying an adjoining house or condo could expand your view.
Before buying an adjoining Sotheby’s Phoenix property, though, be sure and do your homework since it’s not always a good idea. Ask yourself these questions:
— If the neighborhood is good for further real estate investment?
— Is staying in the community a good short and long term decision?
— Can you afford the second property?
— Are there alternative investments that’ll get you more money in return?
While buying a Sotheby’s Phoenix abutting property might not be for you, it’s always a good idea to think about it. And usually the best way to find out about one is through neighbors.