Real estate is never a bad investment. People will always need homes to live in, and although the market can sometimes be volatile, it always bounces back. However, choosing the right property to invest in can be difficult. You’ll want something that isn’t likely to drop in value. Additionally, it needs to be easy to sell or rent the property out. Otherwise, it will be hard for you to get a return on your investment. In this article, we will look at some up and coming NJ neighborhoods you should consider if you are looking to invest.
What to look for in an investment property
There are two types of investment properties:
• You could research what’s trending and get a house or condo that fits that description. It will be easy to rent out this type of home since it has all the currently in-demand features.
• Find something that is cheap and do a fix and flip. It’s okay if your chosen property doesn’t initially have all of the features buyers and renters are looking for. You can adapt it so that it has all of the amenities that are trending.
Hire an experienced realtor and talk to them about your needs. When you end up talking to the owner, it’s essential to ask the right questions. Find out if pets are allowed on the property and what parking is like in the area. These are features that future renters will be interested in, so it’s good to know in advance.
How to get the most out of your investment
Since you are in the market for an investment property and not the house of your dreams, it’s imperative to consider the bottom line. You should be doing everything you can to get a better return on your investment. An excellent way to save some extra money is to hire a real estate agent through topagentrebate.com since they will rebate you back 15% of their commission. Depending on the property’s value, that rebate could be quite a lot of money that gets put back into your pocket.
Another great way to save money is to have a home inspection. It will undoubtedly uncover some issues with the property. You can then use that information in negotiations with the owners to lower the asking price. A home inspection can also inform you of what needs fixing and what additional costs you can expect.
Moving to New Jersey
Perhaps you are researching New Jersey because you are thinking of relocating there. There are many up and coming NJ neighborhoods you should consider if you are looking to invest. Buying a home in an area that will rise in value over time can be a wise long-term investment. You don’t have to flip the property straight away. You can hold on to your investment for a few years and enjoy it.
Owning property in NJ can also be an excellent incentive to move there. You will probably need to hire New Jersey movers that can handle any type of relocation with ease. Owning a second home and moving back and forth has also become a popular life choice. You can spend several months a year in your NJ home and then sell it when the market is right.
Best New Jersey areas to invest in
You pretty much can’t go wrong if you choose to invest in New Jersey. NJ has many neighborhoods close to New York, with significantly lower prices than their counterparts in the Big Apple. Here are some of the best up and coming NJ neighborhoods you should consider if you are looking to invest:
1. Newark has moderately listed home prices and has been on the rise for the last several years. It might be a good time to consider jumping on board. Located just across Manhattan, Newark has several schools, a nearby airport, and numerous entertainment options. A thriving tech hub has also recently emerged, making Newark an exciting choice for young people seeking job opportunities and accessible housing. Developers are eyeing the area, and gentrification is taking place, so you better hurry if you want to invest in Newark.
2. Cherry Hill, located within Camden County, one of the most prominent Philadelphia metro areas, has become a bargain for investors and developers. Cherry Hill is also popular with renters, so you will have an easy time finding tenants since the prices are a lot higher in Center City. Home prices have been stable, but many have realized the allure of cheaper housing located just a 20-minute car drive from the center of Philadelphia.
3. Weehawken is another neighborhood just next to Manhattan, so it’s easy to see why its popularity has been on the rise. Increased demand has seen property prices rise in the last couple of years, but prices are still below some neighboring areas. Tax reevaluations have caused some homeowners to get rid of their properties, so the market has multiple options for those looking to buy.
4. Hoboken has constantly been performing well in the real estate market. Although home prices are high in Hoboken, the local market is strong and has shown no signs of stopping. You might want to consider snagging property this close to New York while the costs are still somewhat reasonable. Properties in the western part of Hoboken are a bit cheaper and consist of many family homes. This makes Hoboken an interesting place to invest in, but also a place you might want to consider calling home.
Regardless if you are just considering investing in New Jersey or plan to move there, you will probably need some help with logistics. You can contact Superior Moving & Storage for moving, packing and storage services. Getting those handled by professionals will definitely take a huge load off your shoulders. You are then free to focus on taking care of the other, more important details.
As you have seen, there are many up and coming NJ neighborhoods you should consider if you are looking to invest. The close proximity of New Jersey to New York makes it a popular choice for permanent living and investment properties. Hire an experienced agent that will help you find the best property for your needs and give you a rebate as well and start house hunting today!
Written by: Lisa Roberts with US Moving Experts