Whether you are planning to buy a vacation home for your family or are looking for a new place to move to for better job prospects, property investment is a great option. It is a great time to buy property. Below is a list of three main types of properties that you must keep a look out for as a property investor in the real estate market.
- Family Home Rentals
Family homes are an excellent investment. You will easily find a lot of applications by just offering a good property at the right price. The rental price of family homes in areas like Kansas, New York, etc. is also growing fast, which means better returns on your investment. Moreover, it is also interesting to note that the population in such areas is also rising. This could be a natural growth or due to more immigration for better employment opportunities in the area. Nonetheless, this has led to a great demand for family home rentals and has created a great incentive for investments.
In addition to this, families moving to another city also prefer home rentals rather than apartments. Family home rentals with some outdoor space and privacy is desirable for growing families. An additional tip to keep in mind before buying a property for family home rentals is to look for a place which is in closer proximity to schools, bus service or parks.
- Duplex Property
Now you can not only find a place for your own self to live in, but can also earn some extra money by opting for a duplex property. A duplex is constructed in such a manner that it will allow you to live in one portion of the house, while renting the rest; you can even rent the two portions separately. However, by living on the property yourself you can ensure that it is kept well by the tenant and might even be able to forego the services of a property management company. Another plus point of renting a half of a duplex property is the tax breaks and mortgage interest deductions that you might be able to get.
- Vacation Homes
If you are someone who is fond of vacationing with your family and friends, you must invest in a vacation home. Whether it is for the beach or a mild climate, a vacation home will provide you with a regular destination to come to every summer. It will not only save up on a lot of your money that you might instead spend on expensive hotel rooms, but it can also earn extra for you if you plan on renting the space for when you are not in town. A great tip would be to look for beach front properties as they are far easier to rent and sell.
Therefore, property investments can definitely be a lucrative opportunity, especially it is well-thought out and planned.
