Finance with a Oregon Hard Money Real Estate Loan
Buying any real estate requires research and preparation.
Investing in vacation rental or retirement property that’s far from urban or suburban areas presents it’s own unique set of challenges.
There is less competition than in highly popular markets like the Portland-metro region. And today’s remote purchase, if strategic, may result in a significant return on investment tomorrow thanks to regional expansion.
On the flip side, there is more to consider when purchasing beyond developed real estate markets. While it’s easy to be swept away by stunning mountain views or a relaxing waterfront location in the Northwest, “far away” may prove to be far from idyllic. From restricted property access to fewer public services, the limits of a remote property can add to costs and the ability to rent or resell, resulting in a lower rate of return on your investment.
Tips When Buying Remote Real Estate in the Northwest
When considering a remote property purchase, be sure to look at the following:
1. Zoning: Understand the county planning, zoning ordinance and permit requirements unique to the property you’re interested in.
2. Access: Make sure the property is actually accessible, even if by dirt/gravel road, and determine the type of vehicle required.
3. Soil Quality: A soil test is important to help determine landscaping or agricultural capabilities.
4. Natural Materials: Are there natural resources available on the property to apply to your build or upgrades (wood and/or stones for construction; natural plantings for landscaping)?
5. CC&R’s: Even remote areas often must adhere to Covenants, Conditions and Restrictions. These regulations restrict land use – but also protect you and your investment.
6. Insurance Costs: Flood, earthquake, landslide insurance can be costly in less developed areas.
7. Water and Sewer: Rural areas typically rely on wells and septic systems. Invest in water testing and make sure existing septic systems can handle anticipated occupant numbers prior to purchase.
8. Waste Disposal: Garbage may need to be delivered to a dump site or burned under guidelines.
9. Power: When power fails, rural customers are usually the last to have power restored. Back up generators and fuel options are important lifelines.
10. Internet Access: Options are often limited to modest-speed access via a combination of satellite dish and data plan.
With proper research and an awareness and understanding of the challenges remote properties offer, your NW rural purchase could prove to be a “diamond in the rough.”
Our Oregon Hard Money Loans Make it Easier
One thing you can check off your list when “buying remote” is the question of financial assistance. When you need a fast cash loan, our private money lender team at Gregory M. Russell is there to help, providing over 30 years’ experience in Oregon real estate. Contact us at 1-888-477-0444 to discuss real estate loan or equity loan options and find your ideal get away property.