Should you buy in Richmond?

If 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 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.

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.

ECONOMY 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.

CULTURE Richmond city is rich in culture. It has a rich history that has continued to evolve with each generation of modern influence, which makes it a perfect convergence of the new and the old. Richmond city is home to hundreds of museums, monuments, battlegrounds, and memorials commemorating moments of historical significance over the last 300+ years. That is not to say that the city is without modern charms. Richmond is endowed with microbreweries and distilleries spread amongst the area’s many and upcoming neighborhoods. Over the recent past, Richmond has become an emerging hotspot for foodies interested in experiencing its modern adaptations of traditional southern classics.

Investing in Richmond Real Estate Market Now you have an idea of the Richmond city, let’s delve deeper into the real estate market and how Richmond is positioned to deliver profits to investors.

When it comes to finding a perfect property for you to buy or invest in Richmond, you have to go beyond the property itself. This means that you have not just to consider the property, but the whole neighborhood. The first and the easiest way to learn more about a neighborhood is to explore the local school system many families will be thinking about their children, and thus, they will be looking for educational options that will set them up for success later in life. What you need to be looking for is a neighborhood with good schools and not necessarily the best schools. Usually, neighborhoods with best schools typically do not have properties with as much upside potentials which won’t fit the investment profile.

When this is all sorted, next, you have to consider the commuter. You’ll need to make sure that the neighborhood is at least close to the metropolitan area where buyers may work and that there are some viable options for their commute.

Rich as Richmond, surprisingly, the city doesn’t have a subway system, which means finding the perfect commute might be a challenge. Finally, you have to look for a neighborhood with a mix of new and older homes. This

will ensure that there is a steady flow of investment from other flippers, buyers, or development companies.

It is just as simple and understandable as that. As a rule of thumb, remember, when it comes to real estate, location is everything. The location will determine the quality of schools, the length of commute the property value, among other things. To get the perfect place for your investment property, reach out to one of our VIP agents, Joel L Fisher. Joel is an industry guru and knows his way around the real estate in Richmond. To get in touch with him today, click here.

https://rarealtors.com/ housingreports/ http://marketminute.longandfoster. com/market-minute/va/richmondcity.htm https://www.redfin.com/city/17149/VA/ Richmond/housing-market https://www.fortunebuilders.com/ richmond-real-estate-market-trends/ https://www.missionrealty.com/ market-statistics/ https://blog.walnutstreetfinance.com/ your-guide-to-real-estate-investing-inrichmond-va