Real estate investors are always looking for the hidden gem; they want to find a town that is about to explode. Up-and-coming towns are a great opportunity, but you have to know how to distinguish them from the rest. Continue reading to learn how to tell whether a town will be a good investment opportunity.
Look at Public Transit
When towns add to their public transportation and transit, the property values will increase. This is a sign that people are moving to the community and the town will have easier access to the larger metropolitan areas where the high-paying jobs are.
Pay Attention to the Rentals
Another sign that a town is worthy of investment is when the rentals are increasing in price. Notice whether multi-family buildings are doing renovations. If they are, then they are expecting tenants to be available and waiting to rent the units. The rental market can tell you a lot about the desirability of a town.
Check out the Artists
Artists, musicians, painters, and other creative people move to towns that are affordable. However, once they establish themselves, the area develops and grows. People naturally gravitate towards towns that have culture. If you notice that a town has a budding art scene, it might be an opportunity.
Pay Attention to Population Trends
You should study the demographics of the area to find out who lives there and any trends. Demographics that make a town a good opportunity include young professionals, college students, and empty nesters who are thinking of downsizing.
Look at Jobs and Schools
The best places to invest have great job opportunities and schools. People move to neighborhoods for the schools and people want to live close to work. If a town has both of these factors, it is a great opportunity to invest.
Look for the Big Retailers
Another sign that a town offers opportunities is seeing Walmart, Home Depot, and Costco. They don’t open up unless there are customers and they study the trends before they do. Follow what they are doing and they will lead you to towns that are great opportunities.