Are you an investor or person looking to move into an emerging market? Here are the 5 residential markets primed for investment.
Are you attempting to build your wealth through real estate? This is a great way to invest your money, but there are certainly factors that you need to consider before you dive in.
For starters, where are the best places to invest?
How much can you afford to invest? On top of that - would you buy or build your investment properties?
Of course, there is a huge range of other alternatives to consider which are completely dependent on you.
Therefore, doing your own research early on can save you from wasting money in residential markets which aren't great investment opportunities.
Before you spend any money at all, you should first research the residential markets which definitely are primed and ready for your investment.
Which Areas are Likely to be Primed for Investment?
If you currently live in Manhattan, Brooklyn, San Francisco or San Jose then you're probably already aware of the crushing mortgages and rent prices.
Because of this, many people are moving towards investing in more affordable locations. Slowly, there is a movement from the largest cities in the US to smaller areas, and even further away from the sea.
This transition may be difficult for many people considering 39 percent of the country's population lives in areas close to the coast.
Although this population looks set to increase, would you rather make more out of your money by moving inland?
Although pre-crisis levels have been restored for the majority of American home prices, not every residential area has bounced back in the same way.
But houses below the value of $100,000 have appreciated by almost 10 percent since 2000!
Interestingly, it is both the South and West of the country which has swiftly recovered. This is certainly something to keep in mind when you're considering which areas are primed for investment.
It's predicted that this year, both the South and West will see a continual rise in housing gains.
When researching whether a specific city is a good investment, look to smaller cities, compared to the booming metropolises.
And so, without further ado, below are five best residential markets which you should consider when investing your hard-earned cash.
Where to Invest Your Money in 2017
Interestingly, it's forecast that this year, that the value of your home will rise, if you live in the US, by 3%.
Of course, there are some cities, such as New York for example, which will definitely rise by slightly higher percentages.
But, if you don't have the money to invest in such an expensive city then consider looking towards:
Why not make the move to California's capital? Unlike Los Angeles and San Francisco, it's cheaper to live here.
Do you intend to live in the house that you're investing in? If so, then having a low cost of living is ideal.
Another great way to decide on where to move is by checking the rate of unemployment in the city.
Currently, Sacramento has an unemployment rate of 5.2%. This could certainly make it a favorable city for anyone looking to move to a new house and also find a new job.
2. Ogden in Utah
This is another good choice with a favorable unemployment rate to match!
If you're considering somewhere new to live or invest, of course, you should also check out the local attractions.
Ogden has both a beautiful countryside and city to offer. Are you a working professional with a passion for skiing? This area could be perfect for you and is primed for investment.
3. Portland in Oregon
Here's another choice with massive potential. If you're interested in third wave coffee and urban gardening, then this could be the city for you.
The reason Portland is primed for investment is a gain of 5.2 percent to the value of the city's homes this year. Incomes are also on the rise in this city.
4. Orlando, Florida
Whether you're looking to retire or simply interested in visiting Disneyland every weekend, then this city is one for you.
There is expected to be a substantial rise in home values this year. However, you'll have to decide whether you can put up with the tourists swarming the area all year round.
5. Seattle, Washington
Seattle is a great place to invest, but it does not come cheap!
If you decide to move or invest in property here, you'll also have to invest in an umbrella and the realities of Seattle's weather. You can expect a lot of unpredictable weather here and rain clouds can ruin a picnic in a heartbeat
If that doesn't put you off, the beautiful surrounding countryside has people visiting all year round. It shouldn't be difficult to get family members coming to you for Christmas.
Once you've moved, you'll likely be searching for a variety of things to do. Here are just a few options.
Deciding on Which Home to Choose
If you now feel more certain about which area you'd like to invest in, then next decision to consider is whether to buy or build.
If the area you've chosen is primed for investment, you may want to consider building as a viable option.
If you're willing to put in the hard work, you could build a home for a lot cheaper than buying one. This is another smart way to ensure your home is primed for investment.
However, this is definitely a case of needing to invest both money as well as time. Which not all of us have!
Before building, you need to visualize the property you're going to build. How would your future property look in your chosen area?
A good way to do this is by utilizing emerging technologies. Those such as 3D visualization and 3D renderings are a great place to start.
These technologies can help give those in the industry a quick and reliable way to figure out whether an area is a good investment.
This technology also helps buyers understand exactly what they'll get for their money. It can certainly help out which residential areas are primed for investment.
Interested in 3D visualization technology or want to learn more about the best property markets to invest in? Get in touch and visit our blog regularly for updates!