Today, investing in real estate isn’t rocket science. It is pretty simple. Find a home up for sale at an affordable price, buy it, do some renovation works and put it up for sale for a higher price than you bought it when the value goes up. You can as well rent it out while you wait for it to appreciate in value. It is an easy business for those who know their onions.
Apparently, the most crucial part of real estate investing is knowing the best homes that will yield maximum value for every penny you spend when the time to sell comes. While there is no full guarantee that the property you are buying will be worth your money, the odds of a successful real estate investment increases largely when you target the right cities.
Now the big question will be “what makes a city right for real estate investment?” a major trait to look out for is whether the area in question is booming and bustling economically. Areas that favor real estate investment are cities known to be actively attracting entrepreneurs (most especially in the tech sector), enjoying solid job growth, and have bustling factories and warehouses.
Another major factor to consider is the climate and outdoor living condition of the city. There is a higher chance of getting better offers for your property if it is located in a peaceful, crime-free environment with a desirable climate.
All the factors listed above can be found in Arizona thus making it a great spot for real estate investment offering a wide range of opportunities both to buyers and investors.
Arizona is at the moment enjoying rapid economic growth which is in turn pushing in buyers. Jobs are getting added at twice the national rate in Phoenix and Prescott especially in the finance and health sector while Flagstaff has been enjoying great returns in tourism, a major criterion for a great real estate hub.
Investing in real estate in Arizona also gives you better value for your money compared to larger cities. As a result, you pay less for higher value. A comparison of the price of real estate in Phoenix has shown that while you may buy a 2500 square foot home in Phoenix for $250,000, you will pay up to $550, 000 in Los Angeles for the same property and as high as $585,000 dollars in Seattle.
Arizona is also a great place for work and pleasure, and this makes it the perfect place to invest your money. The outdoor climate in Phoenix makes it just perfect, plus a rarely humid cool summer with over 8 months of perfectly clear weather. Thrill seekers in search of adventures find life in Arizona quite interesting with several miles of areas to hike and bike, and a long list of other outdoor sports/activities such as golfing, mountain biking, running, golfing, fishing, camping, kart racing and a large number of lakes to explore and keep them busy.
Because tourism is such a big deal in Arizona, several property buyers and renters are available all year round. Asides the myriad reasons already stated, many visitors choose Arizona for vacation due to its several tourist attractions including the majestic Grand Canon in the North. Arizona also boasts of art galleries, shopping areas and a number of amazing eateries. The Phoenix Art Museum and Heard Museum provide visitors with a feel of the local art and Native American culture.
These and other factors are responsible for the boom in real estate properties in Phoenix, Flagstaff and Prescott and other cities of Arizona making it a perfect destination for investors.