[Michael 61]

I purchased new in Richmond 17 months go. As most people know, many Richmond homes, especially patio villas, were snatched up by investors. Quite a few of these investor homes were flipped at the one-year mark, and they all made a sizable profit without really doing anything to the home (no landscaping, painted driveways, epoxy garage or interior upgrades). It’s been interesting to see how quickly the value of a new home has increased. Will this happen in Lake Denham/Dabney? I guess time will tell. What I would bet, is that the new section of Richmond (east of Meggison) that will come on-line in late summer/early fall, will be a magnet for investors, just as the rest of Richmond was.

[Snakster66]

Originally Posted by margaretmattson

The thought of this brings back terrible memories of when I lived on a street with many rental properties. I'm happy we found a home where we do not have this problem.

How would one know, who is buying first house in TV, if a particular neighborhood has many rental properties? I'm looking for pro tips here to help keep my search focused.

[asianthree]

Originally Posted by Michael 61

I purchased new in Richmond 17 months go. As most people know, many Richmond homes, especially patio villas, were snatched up by investors. Quite a few of these investor homes were flipped at the one-year mark, and they all made a sizable profit without really doing anything to the home (no landscaping, painted driveways, epoxy garage or interior upgrades). It’s been interesting to see how quickly the value of a new home has increased. Will this happen in Lake Denham/Dabney? I guess time will tell. What I would bet, is that the new section of Richmond (east of Meggison) that will come on-line in late summer/early fall, will be a magnet for investors, just as the rest of Richmond was.

My hope is there should be a restriction on VLS agents buying home, and getting prime houses in Richmond.

As you know personally, you lost out on more than one house. hope is, clients should get first right, and the VLS guys should be last on the list. But guess that developers don’t care who buys, just that it’s sold, and then a year later sold again.

Leaving many who would have been residents out of that location.
Would like to see areas that can’t be for investment. It’s been done before, would be nice to see that policy again.

Our kids would love a place in Richmond East, as well as I would love to move my Mom there. Close to keep watch, and still having a home of her own.
But with multiple names already on lots not released yet, I doubt it will happen.

[Lottoguy]

Location is the key. Look at the map and make that decision. I feel it will take at least five years before any large gains can be made off a new home right now.

[Michael 61]

Originally Posted by asianthree

My hope is there should be a restriction on VLS agents buying home, and getting prime houses in Richmond.

As you know personally, you lost out on more than one house. hope is, clients should get first right, and the VLS guys should be last on the list. But guess that developers don’t care who buys, just that it’s sold, and then a year later sold again.

Leaving many who would have been residents out of that location.
Would like to see areas that can’t be for investment. It’s been done before, would be nice to see that policy again.

Our kids would love a place in Richmond East, as well as I would love to move my Mom there. Close to keep watch, and still having a home of her own.
But with multiple names already on lots not released yet, I doubt it will happen.

I wish you luck with Richmond East! I obviously got very lucky, after multiple failed attempts to get into Richmond. And I agree with you, that VLS agents should not be given priority to purchase homes over everyone else - the playing field should be even. The good news is that some of these rental properties bought by investors are being sold and purchased by full-time or part-time residents.

[margaretmattson]

Originally Posted by Snakster66

How would one know, who is buying first house in TV, if a particular neighborhood has many rental properties? I'm looking for pro tips here to help keep my search focused.

You do not need a professional. Browse the Villages rental sites (just google villages rental homes, several sites will come up)then narrow your search down to the Village your are interested in buying. See too many of your type of home? Avoid that area.

If you are planning to buy in a new area, do not rush. Investors are always involved in the MUST BUY FIRST fury and are part of the reason for a new construction lottery. Some buy more than one home. Being first in an area helps with their mapped out plans for profit. In the past, most would gobble up patio villas and small courtyard villas. Now, verandas are also an investor mecca. The verandas may sit empty for a year or rented out. Villas are usually booked for 3 months in the winter and become short term rentals in the off season. Sometimes, an STR the entire year if the investor prefers it.

Homes near squares are an investors' gold mine. Do not buy near a square without fully accepting that area could become all rentals within a year or so. If investors are making good money on a particular street(s), they will purchase all the preowned when they become available.

On the flip side, if you own on a coveted street with many investors, the resale price of your home may skyrocket. It is a gamble if you are willing to wager.

I lived very near to a square for many years. When AIRBNB became popular, my street became infested with rental homes and fly by night investors. I had to move. Fortunately now, all one has to do is research the area before buying. Or, use caution when told there is a lottery for a new home you desire.

[margaretmattson]

Originally Posted by Lottoguy

Location is the key. Look at the map and make that decision. I feel it will take at least five years before any large gains can be made off a new home right now.

Good advice. The myth that you can sell a new home in one year and make a sizeable profit is just a MYTH. Yes, some homeowners are able to do this. Many are seasoned investors who know what they are doing or have buyers in their pocket before purchasing a home. An average homeowner should be cautious and research thoroughly before buying. It may take longer for an Average Joe to see a sizeable gain.