Investing in property can be both daunting and exciting. For many, buying property can be a lucrative venture. But, as with any investment, there is risk involved. You can mitigate this risk by taking the time to research the most promising investment locations for your next property acquisition.
Right now, the market is flourishing in the midwest. Here’s why investing in Central Texas property should be your next real estate purchase.
There’s Tons of Growth
Dallas and Fort Worth recently saw the biggest population boom in their history. From 2017 to 2018, the areas saw a combined 130,000+ new residents moving in. This growth shows that the area is very attractive to those looking for their next dwelling. The increase can be attributed to several factors, including the renown of the local universities, the thriving job market, and its status as the sixth-ranked city economy in the United States. In fact, since 2005, Dallas has created more than 400,000 jobs.
Its location also plays a factor. Central Texas is only about a four-hour flight from most major U.S. travel destinations. To make matters even better, the climate of the Dallas-Fort Worth area is fantastic! Average high temperatures for the year are in the mid-70s, while lows are rarely below 55. Those highs and lows are comparable to southern California, one of the most coveted living regions in North America.
All of this residential growth potential also means an influx of new businesses. Stores, restaurants, and corporate offices all need space in which to operate and, in most cases, they’re willing to pay a pretty penny to utilize prime property in places like Dallas and Fort Worth.
It’s Culturally Rich
Residents of Central Texas are proud of where they live. If you’re looking to invest in a home for yourself, Dallas and Fort Worth have no shortage of activities to get involved in. If you like sports, Dallas is home to the Cowboys NFL team, the Mavericks NBA team, and the Texas Rangers MLB team.
Maybe food is more your thing? Dallas has more restaurants per capita than any other metropolitan area in the United States. After finding a meal at one of Dallas’s distinguished establishments, you can enjoy the bustling art scene at the Dallas Museum of Art or take a stroll in the five-acre Klyde Warren Park.
There’s no shortage of leisure activities and opportunities to immerse yourself into the culture of Central Texas, which is another reason people are migrating to the area. If you choose to make your investment by moving to Dallas yourself, rest assured you’ll always be able to find something to do.
Property Values Are Only Going Up
We’ve already talked about the growing population of residents and businesses in Central Texas, but not exactly what that can mean for your wallet. Looking at current projections, the population of Dallas is expected to double in the next fifteen years. Right now, the median price of homes for sale in the Dallas area sits around $385,000. In the next five years, that point is expected to rise nearly 20% to close to $500,000. This growth is significantly greater than most other cities in North America.
We can see similar trends in business spaces. Offices in Dallas grew in value by nearly 25% in value between 2012 and 2017, and that number continues to grow. In especially popular areas of Dallas, such as the Uptown district, rental rates for offices push $40 per square foot. This is just shy of some of the country’s highest demand locations, like Silicon Valley. Getting your hands on a key commercial location has the potential to pay big dividends in the future.
An Investment You Can See
So we’ve covered why you should look at Central Texas for your next property purchase, but maybe you’re not entirely convinced that real estate is the investment for you. It’s true, some people thrive on trading stocks and bonds and others put their money into precious metals. But property holds a different type of value.
Unlike stocks and bonds, property is a tangible asset. Unlike the abstract idea of stock trading, you can actually see firsthand what you’re putting your money into. You can also watch how the surrounding area develops to give you a more concrete idea of your property’s value.
For property owners who plan to rent out their assets, the benefit of early returns is appealing. Unlike gold or silver, rental property provides active income that the property owner can take and use on other investment opportunities. Investing in items means that you actually have to sell them for profit. Instead, make money while you own by letting someone else use your property!
Hopefully, you’ve gained some valuable insight into the benefits of property investments and why Central Texas is one of the best markets to invest in. If you have any questions or would like help navigating your next property acquisition, feel free to contact the team at Contre Property Management today!