If you are thinking about buying a new home, it is important to consider what the value of that home and property will be in 5, 10, and 20 years from now. Obviously, you do not want to make a purchase if what you are buying will lose value over time. A home, unlike a car, is an investment. You should aim to make money on your home, and there are a number of ways you can do that. Besides putting on additions, or doing pricey renovations, you can also simply choose to buy in a city or neighborhood where home prices are expected rise in the short or long term future. Below are a number of cities that are likely to provide buyers with good investment value.
Harlem, Manhattan, New York City.
For some people, the word “Harlem” conjures up images of rampant crime, a destitute population, and danger lurking behind every corner. But Harlem is Manhattan’s latest up and coming neighborhood. Columbia University has been expanding and buying up properties above 125th Street, making the value of the surrounding buildings climb. Indeed, rent prices, while still lower than other New York City neighborhoods, have gone up significantly in Harlem over the past 10 years. The area also has an excellent and lively restaurant and nightlife scene.
In the middle of summer it may be difficult to imagine investing in a future in Arizona. But realtors are noticing that the city is starting to boom. Home prices are still relatively low, but they are going up. One telling sign that the economy in this city is on the upswing: unemployment is lower than the national rate. That means more money, businesses, restaurants, entertainment – the bottom line: growth.
Not only is this rocking city the home and birthplace of country music, it is also a city with a bright economic future. Job growth in Nashville is four times as fast as the nation as a whole, expected to grow at the rate of 18% over the next five years. It is fast becoming a tech center, specializing in data processing for cloud computing. This is a large contributing factor to its 6.5% unemployment rate – significantly lower than the national rate. So pull out your cowboy boots, and find a honky tonk. This is one fun city to live in.
When you wish upon a star … for a house with a great investment value, you might just that a home in Orlando is the best fit. Not only are you just a short drive away from Disney World, also known as the Happiest Place On Earth and the home of Mickey Mouse, you are also in a city with an exploding high tech sector, warm weather year round, and a lot of tourism-related jobs. Pack up your Mickey Mouse ears, and head down for some house hunting!
Charlotte, North Carolina.
This city is not just the home of Bank of America and host to Citi, Ally Financial, JPMorgan, and Wells Fargo, it is also the second largest financial center in the country – beat out only by the indomitable New York City. This sector is largely responsible for the city’s unprecedented growth over the past ten years, but the proximity to the North East also makes it popular for those halfway to retirement that are not ready to fully commit to Florida. High job growth means more people, which means your house will have plenty of potential buyers down the line.