Whether you like them or not, the suburbs are here to stay. In the US, they are the backbone of the residential property market. While many people have started moving closer to the cities and living in urban centers, there are still many who believe in life in the suburbs. If you are one of these people, and are thinking about a white picket fence, a single-family home, and the rest of it, here are some of the benefits of investing in the idea of suburban housing, according to oceanfronthhi.com.
Space That Costs Less Money
The land is far cheaper in the suburbs than it is in the cities. The same goes for homes. A square foot of residential space in the suburbs sells for far less than it does in, for example, downtown in a major city. You can look at a price tag of about $200,000 for a 1000 SQF. condo with one bedroom downtown whereas the same amount of money in the suburbs would be enough for a 1400 SQF. home with a yard and three bedrooms.
Your Home Will Have More Income
If you’re investing in a suburban home to rent it out to families, know that the larger the property is, the more likely it is that your new tenants will have more than one source of income in the household. Because of this, your tenants will be able to afford more rent without noticing it, when determining how much to charge rent for, it allows you a little more space to maneuver.
The Amenities Available Will Attract Families
When you think about homes and condos in the city, reflect on the amenities that they are missing. These include yards and lawns, many bedrooms, safe spaces for children, and more. In the suburbs, all of these are available, and is the reason why so many families are drawn to homes here. There is a lot more space for trees and grass to grow, more fresh air for growing children, and lower crime rates than the city. All of this is available within easy reach of the city’s many features too, giving a family in the suburbs the best of both worlds.
You’re Likely to Have Long-Term Rentals
When you buy a suburban home to rent it out, you should remember that Americans are fickle creatures. We need various types of homes for the different phases for our lives. As soon as a spouse and children enter the picture for most young adults in the US, they move from their city studio apartments to the suburbs. When this happens, people looking for rentals in the suburbs end up looking for leases in the long-term.
If there is one thing you have to remember, it is that the suburbs are what the American people associate with family life. It’s a very lucrative industry to invest in, and therefore everything about it appeals to the average middle-class family. You’re bound to have a low turnover rate, longer leases, richer renters, and a better life if you live there yourself.