One of the best places to make a real estate investment right now is in Phoenix, AZ. The Phoenix market is growing, and the local economy is strong. People enjoy living in Phoenix because of the desirable weather, and single family residences have reliably increased in value over the years. If you want to become a Phoenix investor, there are a few things you should know.
Property values are increasing dramatically in communities such as Arrowhead, which is in the Glendale area. There are also new developments in Gilbert, Avondale, and Surprise. Tenants enjoy living in these updated homes that are in neighborhoods where their families feel safe and have access to good schools. If you’re looking for a rental investment that will appreciate quickly, try Scottsdale or Paradise Valley. You can also find an appealing collection of vacation homes in those areas. In the Phoenix metro area, you can find any kind of property that you want, and there are affordable and luxury homes available.
Buying Phoenix Investment Properties
While there are a number of opportunities for investment in Phoenix, mistakes can be made and if you buy the wrong home, it will be costly. Real estate agents can be valuable resources, but they are going to be focused on selling a property, whether it’s suitable for a rental home or not. You need to be more strategic in your shopping and your buying.
Focus on Income and ROI Potential
Whether you’re buying in Phoenix, Mesa, or Tempe, make sure you’re purchasing with your investment goals in mind. If you’re planning to buy a house and turn it into a rental, you’ll need to consider whether the school district is strong and if commuting times are reasonable. Tenants will be looking for specific things, and if your real estate agent isn’t experienced in rental property, you may not get all the attention you need on these important factors. Work with an agent who understands investments or owns investment property of their own. You’ll need an expert who has your end goal in mind. Find an expert in the local rental market who can help you buy based on your investment goals.
This is the first part of a plan you can put into place when you’re hoping to buy investment property in Phoenix. If you have any questions about this, contact HomeQwik, and make sure you check out Part 2.