Awesome REI LLC is a real estate investment firm for both novice and seasoned investors. When it comes to beginners who are just starting out in real estate, the firm strongly believes in their potential and desires to support such exciting new journeys. For those who are already seasoned in the field, the main focus is to assist in elevating individual performance. In the following article, Awesome REI LLC unveils the secrets to astutely identifying lucrative real estate markets in order to propel investors toward even greater success.
It’s not just a generic line used by real estate agents.
“Location, location, location” significantly impacts the real estate values of both private and commercial properties. A property’s state, city, and neighborhood all make a big difference.
Awesome REI LLC explains that while the strength of real estate markets always fluctuate, finding a good location is always an essential part of making the best real estate investment for long-term financial success.
Awesome REI LLC Says to Do Adequate Research
Finding the very best real estate property locations doesn’t happen overnight. For real estate investors, researching whether the location aligns with income stream goals and reflects target market needs is a responsible form of risk management. That takes time.
If the investor is a landlord, local markets must have high demand for rentals, a promising job market, and high population growth estimates. Locations with low unemployment rates or a steadily growing economic environment also indicate high potential for long-term investments.
Awesome REI LLC says that in the Dallas-Fort Worth, Texas area, which often leads lists of top job growth, values of single-family homes once jumped 10.6% in a single year.
Homebuyers tend to have a lot of creature comforts on their wish lists, including a home that is near a desirable school, offers reliable public transportation, and provides easy access to shopping centers.
Awesome REI LLC notes that if the goal is opening a business, the location demographics must be a good fit. A toy store needs a strong surrounding population of children and families, while more adult services are often better suited in a large city. Those living in large cities are also less likely to own a car, making popular public transportation offerings a must for investors.
Living With Nature
Rooms with a view pay off. Homes hold a substantial value if they are very close to rivers, lakes, the ocean, or natural parks. Even one window an ocean view can dictate whether a property is in a good location.
The University of Washington’s research has found that homes near open spaces and parks tend to hold a higher value by 8% to 20% than properties that are merely a half mile from such amenities.
Not Living with Hazards
Homes and businesses in areas prone to natural disasters rarely hold much value, but it’s also important to stay away from properties that are near landfills, transformers, and nuclear power plants. The threat of environmental disaster is also tied to properties built on land that was recently swampland, making ordering a natural hazard report a necessity before buying.
Awesome REI LLC explains that the same situation arises if a property is near a noisy freeway or flight path. Living close to a railroad track often means dealing with a lot of noise and rumbling — sometimes even for 24 hours every day.
While they aren’t beloved by all, the presence of a homeowner’s association to regulate properties is appealing to many investors. Such homes hold up to a 5% higher property value compared to similar homes that aren’t guided by a homeowner’s association.
A neighborhood with a very low crime rate is more attractive to investors since it can reliably bring in a steady flow of tenants while potentially facilitating higher rates. This also comes into play when considering a neighborhood that is up-and-coming.
Awesome REI LLC says that, while it may pay off to invest in an area undergoing revitalization, the crime rates could be high. For safer investments, holding off for a little while may be the best approach.
A good location means nothing unless a property’s look — and the look of properties around it — is attractive. Investors should take a comprehensive visual inventory of an entire neighborhood or town, especially taking note of how existing properties are maintained. Neglected landscaping, roads, and buildings in disrepair serve as red flags that the location isn’t the best.
Awesome REI LLC reports that curb appeal is part of “location, location, location” in several ways. Green spaces, walking trails, and well-maintained sidewalks are big bonuses. Generally high quality of life environments also help populations grow, such as in places like Charlotte, North Carolina.
Awesome REI LLC also notes that real estate investors have been long attracted to locations in or near tourism centers. Popular cities for tourism include Las Vegas, Nevada and Orlando, Florida, where tourism spending reigns supreme and the job market is comparatively stable. In 2019, Las Vegas’ population grew by 2.5% and rent prices jumped by over 10%.