A lending platform for real estate investors has ranked the best neighborhoods in New York where it makes sense to buy rather than rent, and Massapequa and Huntington Station top the list on Long Island.
Sharestates, which lends money to borrowers purchasing properties for investment purposes, based their rankings on return on investment, the value of a home after renovations, increase in demand based on the number of real estate loans in the area and median sales price.
Massapequa led the pack with a 29 percent return on investment, a 62 percent increase in home value after renovations and a 400 percent increase in demand from 2016 to 2017. Huntington Station had a 21 percent return on investment and a 200 percent increase in demand from 2016 to 2017, with the same 62 percent increase in home value after renovations.
The other communities included Valley Stream, West Babylon and Dix Hills.
“We wanted to educate the audience and to let people know the areas where it does make sense to buy,” said Allen Shayanfekr, co-founder and chief executive officer of Sharestates, which operates in more than a dozen states. “Neighborhoods that are seeing a lot of investment are also good places to buy. When you’re looking at making a decision of whether or not to buy, you want to make sure you’re buying in a place that is going to increase in value over time, whether you’re creating the value or someone else is.”