Buying real estate is a common investment strategy, but that doesn’t necessarily mean it’s easy. Doing your research and choosing the right location is key to making successful property investments. And right now, nearly anywhere in Colorado is a smart investment.
While the exploding housing market in Denver is attracting a lot of attention, it’s a wise investment to purchase more affordable property outside the major metro area. Recently, Colorado Springs was even named the number one market poised for growth in 2019! Aside from the major cities though, there are plenty of gorgeous mountain properties to invest in if you’re open to expanding even further from the action. A lot of mountain properties are vacant land — although there are lots with houses as well. Land investments are often underrated and can be particularly valuable in in-demand locations such as Colorado. Whether you choose land or a home, here are a few additional reasons why investing in Colorado property in 2019 is a smart move:
- There’s a strong job market. The state’s unemployment rate is below the national average and residents also earn more on average. A growing job market indicates that more people will be moving to Colorado for work.
- There’s a high demand for housing. With more jobs comes more housing demand, which also means a higher return on investment when the time comes to sell your property.
- It’s a landlord-friendly state. Much like the rising housing prices, the rent in Colorado is on par. The average monthly rent for a one-bedroom apartment in Colorado is $1,147, which is $164 above the U.S. average. Plus, according to recent rankings, Colorado is one of the top five landlord-friendly states in the country.
- The state is a popular destination to both live and vacation. With the option of homebuyers, renters, and vacationers, Colorado is a less-risky investment than other states without the draw of tourism.
- Property values are increasing. Fewer new homes are being built, but the demand for housing in Colorado has only continued to increase. If this trend continues, property values will steadily rise.
Whether you’re looking to make your Colorado property your primary residence, a vacation home, or a rental property, a Colorado investment is definitely a financial move you should consider making in 2019.If you’re looking to get started with real estate investing in Colorado, you can browse available properties and speak to professionals who understand the nuances of the market Spanish Peaks Land.