For those looking for long-term investment options, it seems that property is still a popular choice for a solid investment. Whether you choose to rent out said property to others on a full-time basis or rent it out as a holiday home so that you can enjoy the odd week or two there throughout the year too, it is an investment that allows you to enjoy it as it pays itself off simultaneously.
Property investments have been a smart way of spending money for a few years now, and is considered to be a fairly safe option, though it’s certainly not one for those looking to make some money quickly. The initial investment can be hefty and it can take some years before it becomes truly profitable, but it can leave you with quite the package, especially if your portfolio consists of multiple properties.
The trick to being a good property investor is to have diversity in your portfolio and the best way to do this is by investing in properties in different countries. This means you aren’t bound by the confines of one property market, therefore maximising your earning potential. Here, we are going to focus on the US property market and answer the more commonly asked questions so you have a good idea of the key aspects before investing.
Can anyone invest in US property?
Yes, absolutely anyone can buy property in the US, and the good news is that you don’t need to be a citizen or even have a visa, in fact the country is said to encourage foreign investments, so this could be great news for you. Of course, if you want to physically go and see the property, or live there for a time, you will need the right visa, so it’s worth getting in contact with an immigration lawyer if this applies to you. But, if you’re buying virtually or via a broker in the US, you don’t have to worry about a thing.
Is the US property market in a good place?
Traditionally, the US property market is a good place for investors to be. If anything, this has improved over the last year or so – 2020 was seen as a record-breaking year in the housing market, with the total sales increasing by 5.6% from 2019. This has continued somewhat into 2021, with the latest figures showing that the average sale price of a house has increased by 15.6%. In short, there’s a lot of demand for housing right now, so it’s an excellent time to invest if you have the funds available now. A slight dip in value is expected, so if you time it right, you could be on the right track for a decent investment.
Where are the best places to invest?
Clearly, the US has no shortage of cities and towns to invest in, so how do you find the ones with the most potential? A good general rule is that areas with a lot of tourism are worth investing in, this is because you can use your property as an Airbnb, collecting rental money all year round. Nevertheless, according to recent data, three of the top cities to invest in property are Orlando, Atlanta and Las Vegas.
Orlando attracts many tourists and has the fastest-growing metropolitan area in the country with a record 75 million visitors in 2019 (before a dip due to Covid travel restrictions). Atlanta has introduced nearly 54,000 new jobs in the last twelve months, meaning the demand for housing will also be up, while Las Vegas is also a very popular tourist destination, but it also has a rapidly growing population, hence the rising demand for property.
Of course, if you are looking for a place to head to for a little vacation every now and then, this will surely factor in to where you eventually buy your property. Do your research on your desired area and make sure that, above all, it will be a good investment opportunity for you for a future nest egg.
