Like with any type of investment, investing in real estate can be a gamble if you don’t know what you’re doing. Any real estate expert will tell you that the most important thing to consider when purchasing any type of property is location.
The location of your investment property can either make or break your pockets, so you should know where to invest in real estate to get the best return on your investment. Here are four of the best states to invest in real estate.
North Carolina may seem like a simple Southern state, but it’s becoming a pretty popular state for people to relocate to.
Durham is a decently-sized city located in the northern part of North Carolina. It’s one of the top places that many U.S. residents are relocating to, and that can be due to the fact that Durham was rated as one of the best places to live in North Carolina. Although the median cost of homes (around $256,00) in Durham is above the national average, this means that you can charge more to your tenants for renting your property.
Charlotte is another popular relocation destination in North Carolina and is also rated as one of the best places to live in the state. The median cost of homes here is slightly less than during, at about $253,000, but home values appreciate at an impressive rate in this city.
Florida is one of the most popular vacation destinations in the U.S., alongside New York City. It’s also known for being a “retirement” state, as many retirees relocate here. Because of this, you can choose to invest in residential real estate or vacation rental properties.
Orlando is probably most well-known for its many amusement parks: Disney World, Sea World, and Universal Studios. The city is also known as being one of the best cities for long-term investments. The median cost of a home in Orlando is around $260,000. This cost paired with the fact that Orlando is a top tourist destination means that you’ll likely see success investing in vacation rentals here.
Tampa is another hot-spot destination for those traveling to Florida. Four Fortune 500 companies have their headquarters here, so this city is a magnet for economic growth. The median cost of a home here is around a reasonable $250,000. Many families may have to relocate here for jobs, so look for single-family homes to invest in.
Being one of the biggest states in both landmass and population, investing in property in Texas is a smart move.
Dallas is one of the most diverse cities in the United States, and many people from all over come here to make it their home. It’s also a hot spot for jobs, so many people relocate here for work. This means that you can invest in either residential or commercial real estate, because a lot of businesses may want to relocate to Dallas or open up an office in Dallas.
The capital city of Texas is another great place for real estate investors. Austin’s population is also growing, and the city has a really strong economy. You can also find investment properties here as low as $200,000, and the average rent in Austin is $1,750 per month.
In recent years, Colorado has seen a lot of U.S. residents relocating to the state. However, Colorado has one of the highest costs of living, so this may be a better place to invest in commercial real estate.
If you do want to invest in residential real estate in Colorado, Colorado Springs is the place to do so. The median price of a home is around $323,000, which is a lot cheaper than other cities in Colorado.
Denver has one of the highest residential real estate prices in the country, but that doesn’t stop people from moving here for work. Seven Fortune 500 companies are located here, making it a good spot for business. Based on this information, you’ll profit from investing in commercial real estate in Denver
Before investing in real estate, decide on what type of property you’d like to invest in. Next, research locations that have favorable results for that type of property. When you know that there will be people willing to rent a property, you’ll also know that you’ll be able to see a return on investment.