People are moving. Single-family houses in the suburbs are opportunities real estate investors should consider.
According to an article in Mansion Global, apartment living in densely populated urban areas is already losing its appeal to Americans as they process their experiences during the coronavirus pandemic. Many people are eyeing options for relocating to the suburbs and a single-family home after facing the challenges of coming into contact with infected individuals in apartment building common areas and restrictions on their use of outdoor spaces like pools and game rooms.
Buyers crave —ROOM— living space, outdoor space, privacy, flexibility, and safety.
When you are researching a purchase of a rental property, evaluate:
- Is there room for an office in the house?
- Does the house have a good-sized yard?
- Is there a pool in the backyard?
- Is there a deck or porch that offers a sheltered option to living indoors?
- Is the neighborhood safe to walk around in at night?
- Is there a neighborhood association and is it restrictive?
- Did local authorities try to restrict people’s use of their yard during the pandemic?
- Consider taxes. People are richer in states where taxes are lower.
- Big or tiny, single family homes in suburbs near major cities offer good opportunities for people to escape living in densely populated apartment buildings where entrances and recreation space is shared and access is restricted. If you need funding, apply now. I am working online with the rest of you.
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