EXPERT ADVICE:
SHOULD I BUY MY PROPERTY IN RICHMOND? Joe L. Fisher
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f you are thinking about investing in the Virginia property market, Richmond is one area that should come to your mind. This is a promising region in Southern Virginia that will be worth every penny. When investing in the property market, there are several things that you need to keep in mind; are you entering the market for an investment property, or are you thinking of expanding your investment portfolio? There’s the importance of making that distinction because investment property can take many forms. However, generally speaking, any property that is purchased to bring the owner some type of return is considered an ABOUT RICHMOND
Now that you have a clear idea of what property investment is all about, it is time to learn more about Richmond city. Richmond was founded in 1742 and has grown to be known as the state capital rich in history and culture thanks to the many years of its making. The metro region of Richmond is home to more than a million residents, and the neighborhoods surrounding the city range from historic to hip to emerging hotspots.
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investment property. On the other hand, while a single-family home may bring its owners a return, it is not considered an investment property, since it is used as a primary residence. The return on investment that the owner should be expecting should come either from recurring income from the lease payments or the terminal sale, in some cases both. If the property will generate to the owner a recurring stream of revenue, it is considered as an income producing property. Raw land or speculative ‘for sale’ properties offer value to their owners only when sold and are thus considered ‘non-income producing’ properties.
As a city, Richmond is one of Virginia’s economic powerhouse. Numerous work opportunities are ranging from cornerstone sectors like law and finance to emerging industries like biotech and medical research. Richmond is home to the US Courts of Appeal for the Fourth Circuit and the Federal Reserve Bank of Richmond which means, law and finance are very well rooted industries that have, over the years, contributed to the city’s
growth for centuries. The greater metropolitan area is home to the headquarters of eight fortune 500 companies, with several others having satellite offices in the region. Some of the other notable and well-developing industries in the area include advertising, food and hospitality, film and television, and craft beer and liquor.
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