Finding the Right Area Should be a Key Part of Your Criteria When Finding Investment Property
Thursday, February 15, 2007
Buying property as an investment in West Lafayette, especially property convenient to Purdue, is an opportunity that draws investors from across the country. One of the most important factors that affect the value of West Lafayette property is obviously location. Wise investment philosophy suggests that you invest in a sound property in a more modest area that will increase in value in the future. Buying into an area that is being gentrified, or that is otherwise coming back, is one way to do this. If you've considered investing in West Lafayette real estate, let us guide you to the areas that fit your needs!
Timing is everything, however! Most investors don't want to risk too much by being a pioneer, but want to get involved early enough so that there is still considerable room for appreciation in value. Being a pioneer is fine if you are a risk-taker with a lot of patience and cash is not the primary issue. Otherwise, it is safer to buy into an area after the restoration trend is unmistakably established.
Neighborhoods that are ripe for restoration have some common characteristics. They are next to a prestigious area or in a good walk-to-work location and have houses that are basically in good condition or "fixer-uppers" with realistic price tags. Also, consider that market appreciation is only one of many ways to make money in real estate. The midwest, and West Lafayette follows suit, is not known for massive appreciation like we've seen in other parts of the country. There are simply other, just as solid ways to make your property cash in for you. And guess what, while many invesment properties are going down in value throughout the country due to this market correction we're experiencing, our beautiful town is still solid!
Timing is everything, however! Most investors don't want to risk too much by being a pioneer, but want to get involved early enough so that there is still considerable room for appreciation in value. Being a pioneer is fine if you are a risk-taker with a lot of patience and cash is not the primary issue. Otherwise, it is safer to buy into an area after the restoration trend is unmistakably established.
Neighborhoods that are ripe for restoration have some common characteristics. They are next to a prestigious area or in a good walk-to-work location and have houses that are basically in good condition or "fixer-uppers" with realistic price tags. Also, consider that market appreciation is only one of many ways to make money in real estate. The midwest, and West Lafayette follows suit, is not known for massive appreciation like we've seen in other parts of the country. There are simply other, just as solid ways to make your property cash in for you. And guess what, while many invesment properties are going down in value throughout the country due to this market correction we're experiencing, our beautiful town is still solid!