There are many reasons to invest in Phoenix real estate. Both new and experienced investors can easily find many lucrative options in their local real estate market.
Phoenix in particular is a fantastic market, as it is expected to see major growth in both population and investment opportunities due to the companies who are expanding in the area. This means the city’s economy and the job market are also expected to grow.
This is perfect news for property investors who want to attract families, working professionals, and college students.
At Keyrenter Premier we believe, even if you’re only looking for a short-term rental, this city is a terrific place to invest. So, in this article we will go into detail about why we believe it, and how you can make the most of buying a property.
Investing In Phoenix
One of the great reasons to invest in Phoenix real estate is long-term profitability. Its expanding job market and booming economy mean that investors can expect a positive return on their investment.
Does this mean that Phoenix isn’t viable for short-term investors?
No! Phoenix attracts many tourists and business travelers, and many take advantage of this by using short-term platforms such as Airbnb or Expedia. The benefits of a short-term rental could be substantial so, it’s good to remember that a short-term rental license is required in Phoenix.
Phoenix’s property appreciation rates have been above average. In comparison to other cities in the state, Phoenix’s appreciation rates might be more than 50 percent higher.
Tips for Real Estate Investments in Phoenix.
Inspect the Home
When purchasing a home, you should consider hiring a home inspector. Their knowledge can help to ensure your investment is rent-ready or only requires minor aesthetic repairs.
Furthermore, depending on what the inspector finds, you might be able to utilize that information to negotiate a better deal.
Choose a Great Location
The location of your investment definitely influences the type of tenants you can attract and how you advertise your property. You want to buy an investment that is close to appealing amenities, such as public parks, restaurants, shops, or gyms.
You must also think about the type of tenant you desire. For example, if you want to rent to young families who are establishing roots in the area, you should choose a neighborhood with strong schools, low crime rates, and plenty of family-friendly events.
Select Your Preferred Property
In Phoenix, there are many different types of rentals you can choose from, whether you are looking to own single or multiple properties. Investing in Downtown Phoenix means you’ll have a lot of different target groups to consider. As the ASU Downtown Campus generates a consistent demand for student rentals, you may cater to them.
You might choose a plan that targets families with children or professionals at the same time. The Scottsdale area, particularly Old Town Scottsdale, is a wonderful location to start if you want to appeal to the latter.
Unsure of how to choose the right property for you? Then call upon the leading property specialists in Phoenix, Keyrenter Property Management.
Budget Your Purchase
Any real estate investor will tell you to make a strict budget before investing in a rental property. Consider the cost of the property, maintenance and renovations, an emergency fund, and the expense of finding a tenant.
Invest in a Property Manager
Managing rental property on your own can be a lot of work. Many self-managing landlords experience stress and pressure as their everyday responsibilities can mount up.
If you manage the property yourself, you’ll need to keep it habitable, which requires frequent repairs and maintenance. It’s also crucial to respond to emergency requests and concerns from your tenants. So, you’ll need to be available to take calls at all hours of the day and night.
This is why it’s good to work with a reputable and experienced property management firm like Keyrenter Property Management. We can relieve you of all self-management responsibilities and work with you to grow your investment.
Take Your Time Choosing an Investment Property.
Closing on your first investment property is an exciting time, but you should always be careful. Take your time to discover the rental that would work best for your pre-determined budget to avoid buyer’s remorse.
Before engaging in any discussions, inspect any property you are considering purchasing, and don’t take the former owner’s or real estate agent’s word for it. Ensure the property has all of the features you want to provide to your tenants find out what distinguishes your property from others in the neighborhood that are being rented and take advantage of it.
Jumping into a business arrangement too soon opens the door to complications that can have long-term consequences for your rental property business.
Phoenix is a desert metropolis with many lucrative real estate opportunities for anyone trying to earn a profit. But it pays to do your homework, just like it pays to do your homework in any other market.
If you are looking for property management assistance with Phoenix real estate, then contact the professionals at Keyrenter Property Management. We are more than happy to walk you through the services we offer to assist you in realizing your real estate goals.