Planning to buy a property during this pandemic?
The real estate market has dramatically changed over the past year. Now that remote work became the new normal, many would rather choose properties with extra space for their home office. This also means rising real estate prices and shrinking housing inventory.
While there are many ups and downs to the current changes, you can make a solid investment by choosing the right place. By looking at the best places to buy property, you can narrow down your search for a good real estate investment opportunity.
In this guide, we’ll be discussing why location is important when it comes to buying property and which places you should check today. Read on to learn more about property location and the ten best places to buy a home.
Why is Location Important?
It’s easy to change the size, price, and condition of a house, but not the location. The location of a home creates interest, interest creates demands, and the demand raises the prices of real estate. Location is especially important for cities with less room for expansion.
Looking for the right place means you need a neighborhood where you can see your future. This means you’re looking for a location that has promising education, market, transportation, and nearby amenities. You should also look for a home in a place with good energy and water supply.
The neighborhood also affects the comfort and safety of your home. With the right location, you won’t have to worry about violent crimes and robbery. This is where a gated community is better, with the 24/7 CCTV surveillance and well-maintained environment.
The location of your home should be your first choice when it comes to buying a house. Consider staying over at a timeshare vacation rental in a hotel or resort in the place you’re considering. Timeshare vacation rentals are condo-style apartments in resorts that timeshare owners rent out to other people instead of using them themselves. You might be wondering if you are the owner of the timeshare, are timeshare maintenance fees deductible? You may be able to deduct the costs of property maintenance if you rent your timeshare. Use a timeshare calendar to help you see the neighborhood and community of the area.
Best Places to Buy Property This Year
Now that you know why you need to consider where you should buy a house, look at the best places to buy property. However, with the various places available in the United States, how do you know if you found the right one? Here are ten of the best places to buy property this 2021:
1. Boise, Idaho
Boise has a record for being one of the best long-term investments for real estate in the US. For the past four years, Boise’s median home price rose to 72% compared to other cities in the West. The job growth and strong population growth that’s triple the national average adds to the appeal of buying a house in Boise.
Boise has very low tax rates, so you pay less for insurances and utilities. You also get to enjoy the low cost of starting a business and the fast employment rate.
Although home prices are slightly higher than the national average, the expected appreciation and year-to-year rental growth make Boise’s real estate a great investment. Another great appeal to Boise is that Idaho, in general, has many job opportunities, cheaper healthcare, and a higher quality of life.
2. Memphis, Tennessee
Memphis has one of the best markets for owning year-over-year rentals. The city may have below-average median home prices, but they have high medial rental returns. This means investors have a higher chance of above-average returns.
Memphis also has a diverse economy, especially with jobs in industry and tourism. It is also home to various national companies like AutoZone and FedEx. Although there will be high competition and costly homes, You’ll have an excellent quality of life, a strong job market, and a diversified economy.
3. Dallas, Texas
Dallas in Texas is another great place to buy property since there’s strong availability of houses and rentals. They also offer high rental rates with various investment properties. To earn a high rate, you simply have to find tenants to rent out your property.
Dallas also has a diverse economy, meaning there’s a niche for all courses and income levels. Dallas is more popular with rentals since it’s more affordable than buying a home. With the demand for rental units still rising, it’s time to buy property to earn back your investment for Dallas real estate.
4. Atlanta, Georgia
Atlanta is the third-largest metropolitan region, with about 500 people moving in every day. This city is a hotspot for various real estate investments since the housing demands keep piling up. Atlanta shows two signs of a strong real estate market: promising employment and population growth.
Atlanta is basically Georgia’s economic and capital center. The diverse community and growing economy invite plenty of job opportunities and a great education. If you want to join financial and tech-based companies such as Google, Atlanta is the place for you.
5. Orlando, Florida
Orlando is an entertainment and tourism favorite. This city offers many affordable homes with plenty of economic and social benefits. The flourishing tourism and real estate market are the two essential reasons why Orlando is so economically stable.
Aside from the growing population, there are major companies like hi-tech and industrial centers that employ thousands of people. Want the best long-term investments with a strong renter market plus strong job and economic growth? Orlando is your best bet for buying property.
6. Las Vegas, Nevada
Las Vegas is a hotspot for entertainment, gaming, tourism, and various industries. The best part about buying a house in Las Vegas is that the real estate is predictable and stable. The business-friendly environment makes Las Vegas earn at a much faster rate compared to the National average.
In Las Vegas, you’ll get to work in a diversified economy driven by high-tech, health-related, and other commercial interests. There is also no state tax for corporations or individuals, driving the economic growth. Although it’s a great investment, many rentals, condos, and townhouses have rising price tags.
7. Chicago, Illinois
Chicago is home to about three million people with a stable market and diverse economy. This city has a high private-sector employment rate due to being one of the best real estate markets for rental property investments. The average rent in Chicago is around $1000 to $1300 per month.
You can find many fully renovated family homes with the best ROI in Chicago. They also have the most balanced economy in the US. With affordable real estate and rising rent costs, Chicago real estate makes a great long-term investment.
8. Fresno, California
The small to large-scale architecture in the city makes Fresno the economic hub in California. Their year-over-year rental rates and home appreciation rates dominate the area’s economy. Fresno provides the most affordable homes with strong income-producing rentals.
Fresno also has plenty of local businesses, shopping areas, and universities. Although the unemployment rate is a bit higher than the national average, the agricultural sector reigns over Fresno’s economy. There’s a huge demand for food suppliers and grocery retailers, giving landlords extra security during this time.
9. Austin, Texas
Now’s a great time to invest in great properties as Austin is in the middle of a housing rise. You have to be quick on the market since many houses only stay for about a month before disappearing. Austin has a strong economy and growing population leading to rising rents and more affordable homes.
Austin is a culturally diverse hub for plenty of tech companies, providing many high-paying tech jobs. Experts find that millennials will be the largest buyers in Austin due to the homes being close to necessary amenities. This includes hang-out spots and shopping areas.
10. Charlotte, North Carolina
Charlottes’ business-friendly environment helped Charlotte experience rapid job and population growth. This city is a major finance center holding the second-most baking assets following after New York City.
Charlotte is a great market for investors who want to rent, invest, renovate, and flip. The strong culture and booming economy make Charlotte one of the best places to start a business. Not only do they have a great job growth rate, but they also have low interest and low unemployment rates.
Buy Property In the Best Possible Location
Location is the number one factor you have to consider when learning how to buy a house. It provides better security and comfort with the best neighborhood, nearby amenities, and so on. These best places to buy a property make some of the best investments, providing income-producing properties and affordable homes.
Make sure you do your research and create a budget, so you don’t overspend for properties. Remember that the top things to consider when moving to a new place is location, location, location.
If you need help understanding real estate and properties, consider taking a look at the rest of our guides! You’ll also find some guides that will help you prepare for moving to specific cities. We also cover topics surrounding health, travel, business, technology, and so on.