West Virginia

West Virginia is somewhat of a misunderstood state when it comes to national recognition. Occasionally shown in a negative light, the state is actually a tremendous location for outdoor enthusiasts. Rock climbing, hiking, fishing, camping and rafting are available in practically every part of the state. Throw in numerous historical sites from the Civil War and West Virginia just might be considered a hidden gem.

Morgantown

Morgantown is the “college town” of West Virginia. Home to the West Virginia University, the town is invigorated by the student population of roughly 20,000. With a vibrant art and cultural characteristic, you might be surprised to learn Morgantown has been rated as high as the 3rd best small city in which to live in the United States.

Charleston

Charleston is the biggest city and capital of West Virginia. Charleston is no great shakes, but it is centrally located in the state, which makes the great outdoors readily available in practically every direction.

West Virginia Real Estate

West Virginia real estate prices are extremely reasonable throughout the state. The average price of a single family home in Charleston, for instance, is approximately $180,000. The average home price drops to $140,000 for single family homes in Morgantown. It’s pretty hard to find prices this low in the rest of the country, particularly for a town rated the 3rd best in the United States. For the last 12 months, West Virginia real estate has appreciated at a rate of a little over 9 percent.

Overall, West Virginia is jumping back onto the national scene because of low real estate prices. Real estate in Morgantown, in particular, may be a very good investment.

Many people today are choosing to invest in real estate because of the huge potential for profit however many are hesitant to purchase a traditional home because any type of maintenance or repairs that the home needs reduces the amount of profit that the investor can make.

The alternative to purchasing a traditional home is to purchase a condominium. Although condos are not suited for everyone, many people have found that it is much more cost effective and fewer hassles than a traditional home.

Certain areas of the country are rich in real estate potential. Real Estate condos in West Virginia for instance can be one of the most profitable areas in the country because of everything that is offered in that area.

When the property is first purchased, many owners reside in it to make sure that everything is as it should be, and if upgrades need to be made, they can make the renovations that are needed to sell the property at a profit. The kitchen and bathrooms are rooms that will either make or break a sale.

An alternative to selling a condominium after it is renovated is to rent it out to tourists. If the area that you purchase your condo is high in tourism, then you can make a substantial profit by renting it on a weekly basis.

It is important to check with the condo association before you make your purchase to insure that the rules and regulations allow you to rent it out. Some associations have rules against time rentals and it is important that you determine this before you purchase.

A condo association is a group of people from the condo community that make up the rules and regulations for community to abide by. When you purchase a condo, there will be monthly fees that are required along with your monthly mortgage and bills.

The fees cover all maintenance and repairs for all condos in the community and can seem like they are quite expensive, however when you take into account what the cost of landscaping, snow and leaf removal as well as roof and furnace repairs are, you may find that the fees are quite reasonable.

Setting the fees for a rental condo depends on the amenities that the community has to offer. Often times, a really good condominium community offers laundry facilities, a swimming pool, and even fitness centers.

When you have any of these amenities, you can basically set the rental rate at anything that you want because there is a high demand for these types of facilities.

Condominiums are an excellent way to break into the real estate investment field. They cost less than a traditional home and can increase your resale profit significantly.

It’s a no-brainer to ask real estate investors if they want to make more money with their business. It’s another to have an actual way to do so, without offering some clever gimmick or new twist on an old concept, as many traditional gurus tend to do. Commercial real estate is a bona fide way to make more money in the business of real estate investing and it may be easier than you think.

Commercial real estate is about little more than setting your sights on bigger deals. Sure, some of the mechanics and funding options are a little different from what you may be used to, but the other fundamentals are the same. For example, looking for motivated sellers, buying at a discount, bringing properties up to their full market value, and producing positive rental cash flow are all as relevant with commercial properties as they are with smaller residential homes.

Beyond the basics, commercial real estate just gets more and more exciting. There is more cash flow to be had and with less total effort than single family homes. What I mean is that a 100-unit apartment is going to produce more cash flow and will be less management intensive than 100 individual homes almost each and every time.

From a property improvement standpoint, how many ways can you build value into single-family homes? You can buy at a discount and then make improvements to justify its sale at full retail value. That’s pretty much it, other than waiting years for the property to appreciate at whatever pace the market will bear.

Commercial properties can be value improved in the same ways but there are also other things you can do. You can optimize the overhead expenses of the property to reduce its monthly fixed costs. You can also increase rents over time. Both of these actions together will increase the value of the property and can do so in a very short period of time, giving commercial real estate a distinct advantage over its residential cousins.

As you can see, I am a big believer in not just pursuing profitable real estate investments, but also doing so in the most expeditious manner possible. Commercial real estate is the way to go to do just that and is the true fast track to a real estate fortune that is built upon the most solid of fundamentals. Folks, that is what it means to play in the deep end of the pool and I hope you’ll join me there.

The biggest deterrent to real estate development in West Virginia is the state’s mountainous and rocky terrain given to it by the Appalachian Mountains. The towns are far apart and small for the want of space in the squeezed valleys. However, if it weren’t for these very mountains, American history would have been written quite differently. There are many historic sites within the state that still bear the scars of the Civil War and other turbulent periods. The state is also famous for its gorges, through which run the state’s rivers, making it an ideal destination for adventure water sport enthusiasts. The state plays home to many of the countries top schools and colleges and consequently offers very good professional opportunities. The state has seen greater development than most surrounding states and this has lead to the growth of modernized cities with a booming real estate market.

There are many real estate agencies that people can approach when they wish to purchase property in West Virginia. The agencies can help individuals fix budgets and find suitable localities with homes that fit the budget. At times, individuals choose to scour the counties for appropriate properties and then approach a realty agent for the determination of price. Whatever the approach, people need to be careful while choosing a real estate agent and make certain that the credentials and claims of the agency are worthwhile. The best way to ensure this is to work with nationally renowned real estate agencies. Another important thing to be remembered when purchasing property is to fix a budget before approaching the realtor. This is helpful because it helps narrow down the possibilities and allows the search for a suitable abode to proceed faster.

West Virginia

West Virginia is somewhat of a misunderstood state when it comes to national recognition. Occasionally shown in a negative light, the state is actually a tremendous location for outdoor enthusiasts. Rock climbing, hiking, fishing, camping and rafting are available in practically every part of the state. Throw in numerous historical sites from the Civil War and West Virginia just might be considered a hidden gem.

Morgantown

Morgantown is the “college town” of West Virginia. Home to the West Virginia University, the town is invigorated by the student population of roughly 20,000. With a vibrant art and cultural characteristic, you might be surprised to learn Morgantown has been rated as high as the 3rd best small city in which to live in the United States.

Charleston

Charleston is the biggest city and capital of West Virginia. Charleston is no great shakes, but it is centrally located in the state, which makes the great outdoors readily available in practically every direction.

West Virginia Real Estate

West Virginia real estate prices are extremely reasonable throughout the state. The average price of a single family home in Charleston, for instance, is approximately $180,000. The average home price drops to $140,000 for single family homes in Morgantown. It’s pretty hard to find prices this low in the rest of the country, particularly for a town rated the 3rd best in the United States. For the last 12 months, West Virginia real estate has appreciated at a rate of a little over 9 percent.

Overall, West Virginia is jumping back onto the national scene because of low real estate prices. Real estate in Morgantown, in particular, may be a very good investment.

The biggest deterrent to real estate development in West Virginia is the state’s mountainous and rocky terrain given to it by the Appalachian Mountains. The towns are far apart and small for the want of space in the squeezed valleys. However, if it weren’t for these very mountains, American history would have been written quite differently. There are many historic sites within the state that still bear the scars of the Civil War and other turbulent periods. The state is also famous for its gorges, through which run the state’s rivers, making it an ideal destination for adventure water sport enthusiasts. The state plays home to many of the countries top schools and colleges and consequently offers very good professional opportunities. The state has seen greater development than most surrounding states and this has lead to the growth of modernized cities with a booming real estate market.

There are many real estate agencies that people can approach when they wish to purchase property in West Virginia. The agencies can help individuals fix budgets and find suitable localities with homes that fit the budget. At times, individuals choose to scour the counties for appropriate properties and then approach a realty agent for the determination of price. Whatever the approach, people need to be careful while choosing a real estate agent and make certain that the credentials and claims of the agency are worthwhile. The best way to ensure this is to work with nationally renowned real estate agencies. Another important thing to be remembered when purchasing property is to fix a budget before approaching the realtor. This is helpful because it helps narrow down the possibilities and allows the search for a suitable abode to proceed faster.

First off, real estate and real property are synonymous terms and are sometimes simply referred to as realty. Real estate or real property is defined as an immovable property that includes the land, the building on the land and all things that permanently come with the land and the building.

West Virginia 101

The largely mountainous state of West Virginia lies at the heart of the Appalachian Mountains. Most West Virginians live along the rivers of Kanawha, Monongahela and Ohio, which are West Virginia’s most industrialized areas, while only a few live in the north central region and along the edges of Alleghenies.

West Virginia ranks 37th among the states in the US in terms of number of residents. Kanawha County, its mostly populated county, only has 195,218 residents—51,685 of them are in the city of Charleston, the largest city of Kanawha and the capital of West Virginia. Other cities with more than 20,000 residents are Huntington, Wheeling and Weirton, Fairmont, Morgantown and Parkersburg.

As of 2003, West Virginia ranked 48th among the 50 states in terms of economy. Its median household income is only $31,008, the lowest in the United States. However, in spite of this, many tourists come to West Virginia and many decide to work and live here.

The state is best known for its coal production, which covers 15 percent of the total coal production of the United States. Other major industries in West Virginia include mining, steel, glass, wood, chemical, and food manufacturing industries.

Workers from other states as well as other countries who specialize in these industries comprise the largest number of foreigners who have settled in West Virginia and have eventually acquires properties here. They are Germans, Italians, Scottish, Irish, English and Arabs.

Houses and Residents in Charleston

Recent statistics show that there are 27,084 houses in Charleston. A total of 24,473 houses are presently occupied—14,186 of these are resided in by the owners themselves, while the rest are being rented. Houses are sold at around $89,000 or higher, depending on the size of the house or the land area.

Majority of the houses occupied by the owners fall under the $100,000 to $150,000 price range, while owner-occupied houses are sold from $750,000 or even more than $1,000,000.

A total of 16,940 houses were built before 1950; 6,697 from 1960 to 1979; 2,704 from 1980 till the mid-90s; and 743 from mid-90s till 2000.

For these and other reasons, newcomers have flocked in record numbers to this game. None of this, however, will guarantee a profit on your investment. As you increase the dollar amount of your investment, so do you also increase the associated risk.

It would be wise to become familiar with a few different forms of insurance available to real estate investors.

Title and liability insurance are among the most common. Title insurance is designed to protect against issues that arise over the legal transfer of title from seller to buyer. A title company will search necessary databases to ensure that the property is free associated burdens, so that it may legally change hands. This type of insurance will cover potential economic loss as a result of these and other paperwork, filing, and tax issues.

Liability insurance protects a property owner against injuries incurred on or as a result of using the property. The insurance does not cover the property owner, but rather it was designed for injuries sustained by a third party. So when the door-to-door vacuum salesman slips on his way up your walk, you can rest easy, because your liability insurance will cover his medical bills and any resulting settlement lawsuit.

There are many other forms of insurance, which have been designed to cover any number of possible mishaps. Hazard insurance, for example, will cover damage resulting from earthquakes, tornadoes, hurricanes, flooding, fire (natural), and dozens of other factors beyond human control.

You can buy insurance for chemical spills, fire (from, say, a candle), electrical failures, vandalism or theft, faulty plumbing or wiring, and so forth. There’s even a policy designed specifically to cover large appliance failure.

Landlords may purchase insurance to cover lapses in rent payment, tenant-related damage to the property, and abandonment.

If you finance your property with a loan, the lender will likely require that you purchase mortgage insurance, which pays out to a lender (not you) in the event of default or disaster.

The price of insurance varies according to the degree of coverage desired, and the associated deductible. Read the policies carefully, noting any fine-print issues which may be used later to deny coverage. There is no law requiring that you use a specific insurance company, so do your research first. Shop around, and look for the greatest coverage at the least out-of-pocket expense. Find the policy that is best-suited to your particular needs.