Buying property in America can be intimidating and confusing. On one hand, the US has a worldwide reputation for wealth and prosperity. On the other hand, US media is often alarmist, especially when it comes to financial matters, framing even reasonable expenditures as high-risk crapshoots.
The truth is that, while there is always a danger of investments turning sour, US real estate is a largely safe bet. Whether you’re a lifelong American citizen trying to decide between renting and owning or an overseas investor interested in exploring the Arlington real estate market, here are three big reasons why US property is worth your time.
Strong & Stable Economy
If you live in the US, you’re probably used to people bemoaning the state of the American economy. If you live outside the US, though, you likely don’t see what all the fuss is about. That’s because, globally speaking, America has one of the most stable and strong economies anywhere, with an estimated $21.4 trillion GDP according to US News. It’s also the largest economy in the world. For all its ups and downs, an overall healthy economy translates to an overall healthy real estate market, with more potential buyers and renters facilitating a relatively safe investment opportunity.
Low Costs, High Value
While properties in major metropolitan areas like New York City, San Francisco, and Miami are always in demand and thus expensive, the truth is that the US is a very big country with a lot of overlooked properties with high value potential. If you’re an overseas buyer, you might be shocked at the prices you can get home for in such prime markets as Philadelphia and Orlando. For anyone looking to buy for themselves instead of for resale purposes, affordable properties in excellent condition can be found easily provided you’re willing to look beyond the so-called “big city” markets.
The details in a construction project are crucial to the project’s success. As a result, it’s critical that you draught a contract that covers both the big picture and the finer points of the project. It should include both parties’ basic provisions as well as a summary of their roles and responsibilities. Whether you make one yourself or use a free construction contract template, it must include all of the areas listed below, as well as others.
Recoup Through Renting
For every person willing to put in the time and effort to own and maintain their own property, there are dozens and hundreds of US citizens who prefer the affordability and convenience of renting. That means, if you’re part of the former group, you have something the latter group wants: space. One of the fastest and most effective ways of not only recouping a property investment in the US, but also profiting from it, is to convert all or part of it into rental property. Even if you only do it on a seasonal basis, renting out rooms to tourists can yield dividends in major vacation states like Florida and Maine.