Reasons to Invest in Tempe Real Estate
The city of Tempe is one of the best Phoenix suburbs to live in. Tempe is a known college town, home to the famous Arizona State University. This suburb city is a wonderful place to live for many college students and young families.
Aside from its many wonderful natural sceneries, warm weather, and peaceful quality of life, there are several other reasons why Tempe is a favorite place to live in.
People from other parts of Arizona, as well as across the country, are moving to Tempe because of its thriving economy, relatively low cost of living, and strong job market. Residents also get to enjoy excellent education, fun recreation activities, and safe neighborhoods.
The Tempe real estate market is also great for investing. Investing in Tempe real estate is better than investing in the stock market. Investors can find several opportunities here. Plus, with its affordable housing options, you will surely find a profitable investment that will create generous returns.
Reasons to Invest in Tempe, AZ
Home prices in Tempe are relatively lower compared to most other cities in Arizona. It is the perfect place to get more out of your investment. With a median home price that’s almost the same as the national average, investors and homebuyers will surely find properties that fit their budgets.
As an investor, finding an affordable property to invest in is essential. If you are able to buy a property at a low price, you’ll have more profit margin that can help you realize a return on your investment sooner.
Currently, Tempe is home to over 180,000 residents. In fact, for the past 10 years, the population of Tempe has skyrocketed. Many people from the US are moving to Tempe for work, school, weather, and other perks.
As mentioned, Arizona State University is located in Tempe, which is why this suburb city is home to several college students and young adults. This is also the reason why Tempe has diverse demographics.
Because of its growing population, real estate investors have many opportunities to rent out their properties to those residents who do not want to buy their own homes.
Tempe also has various diverse neighborhood options. There are several great communities across the city that offer a safe and comfortable quality of life.
If you’re finding a great neighborhood to invest in, consider buying an investment property in
Alta Mira, Duskfire, Peterson Park, Lindon Park, or Cyprus Southwest. These are the best neighborhoods for investing in rental properties because they are near convenient shopping centers and other essential facilities that are important to tenants.
Several Job Opportunities
If you want to invest in real estate, it’s crucial to find a place that has a good economy and a strong job market. You’ll never go wrong with Tempe—with several job opportunities around the city, you can definitely attract working-class tenants.
Tempe offers career opportunities in management, administrative support, education, and sales. The top companies include Arizona State University, Wells Fargo, State Farm, Salt River Project (SRP), JP Morgan Chase, and ABM Industries.
Many people want to live in a place where the weather is warm all year round. In Tempe, residents get to enjoy more sunny days throughout the year, including through the winter. The warm weather in Tempe allows citizens to enjoy several outdoor amenities, including Tempe Beach Park, Hayden Butte, and Su Devil Football Stadium.
Another reason why Tempe is a favorite destination for both tourists and locals is that it offers various recreational facilities, such as Kiwanis Park, Rio Salado Park, and Sea Life Aquarium. Both kids and adults will definitely enjoy these facilities, making Tempe a family-friendly city to live in.
If you plan to rent your house out to young families with children, you’ll find plenty of opportunities in Tempe.
Tips For Buying an Investment Home in Tempe
Before you buy a rental property to invest in, make sure to check the location carefully. Remember, location can either make or break your investment.
It’s essential to study the neighborhood’s real estate market to ensure that there’s sufficient demand for rental properties. This way, you can ensure that your property gets a high occupancy rate and you’ll maximize your profitability.
Here are other tips you need to keep in mind before buying a Tempe investment property:
- Set a budget: Even if there are affordable listings available in Tempe, it’s still important to set a budget before you go looking for a property to buy. When you look for a property without a budget, you could easily get overwhelmed. Planning a budget can help ensure that your finances remain in order.
- Renovate prudently: When renovating a property, make sure to stick to what is necessary. Talk to a professional contractor to determine which improvements will increase the value of your rental home. Make sure not to break the budget and keep your desired ROI in mind.
- Inspect the property: Before deciding to buy a property, make sure to inspect it carefully. Check the safety of the location, and ensure that the place is accessible to public transportation and essential facilities. Also, you have to ensure that the property does not have major structural defects.
Work With a Property Manager
Even if you are not living in Tempe, it’s still possible to invest in a Tempe rental property. Make sure to work with a professional property manager that covers the Phoenix area, including Tempe.
Hiring a property manager who is knowledgeable of the local market is necessary if you want to be a successful real estate investor. Get in touch with get MULTIfamily Property Management at 480.795.7938 for inquiries.