With the current economy, the chances are you are looking for the top places to find rental real estate investment in NJ. Surprising or not, places in New Jersey take 5 out of ten great investment locations in New York.If you are thinking about this kind of investment, before making an offer and contacting moving and storage NJ, consider this guide to help you decide if New Jersey is the perfect spot for you and if it is worth it to make some real estate investment in NJ.
Why choosing real estate investment in NJ?
After the recession, New Jersey has become a place where the foreclosure rate remains high, among other places in the country. That means that many people who own houses are finding it difficult to pay the bills. Failing to do so, their homes become a part of the foreclosed homes inventory. This is why New Jersey is attractive to people looking for an investment opportunity. Even though many of the homeowners are struggling, they find it hard to let it go, and stay in their homes as long as possible. The whole situation indicated that many houses are being sold and that New Jersey is the perfect place to invest in. Here are some of the other factors to consider :
The recession plays an important role once again. The country is still recovering, which means the job growth is happening at an uneven pace. Furthermore, many of the big companies laid off many people, so homeowners find it hard to continue paying their bills. Additionally, some other big companies have moved their headquarter into some areas of New Jersey, making it once again the perfect place for rental real estate investment in NJ.
The new tax system has made homeowners start panicking. Even though the effect of this revaluation will vary depending on the property, but it is no secret that homeowners will be hit the hardest. Especially downtown properties, with prices going up in the last period. All of this indicates that a boom will happen in NJ real estate situation. Homeowners are not able to afford this tax increase, so they will need to go out. Furthermore, many of these people will not be able to afford necessary repairs and remodelings, so the property prices will stay lower.
Development of public transportation
You may wonder why public transport is a valid factor in finding real estate investment in NJ. Well, think again. With the development of public transportation, it has become easy and fast to commute to the central parts of the city. That’s why many people are looking for rentals in some other areas, such as New Jersey. It is estimated that most of the people working in Philadelphia and New York, don’t live there. So naturally, areas like New Jersey become the perfect spot for those who want to get away from the hustle and live somewhere nice and quiet.
Where to find a real estate investment in NJ?
Among many cities here, some of them look really promising, when we talk about real estate investment in NJ. Even though you are considering a local NJ move, you don’t know all the neighborhoods. We considered factors such as the population and job growth, economic situation and future homebuyers interests. Here are some of the most attractive places in NJ to consider:
- Jersey City – this is one of the places where the new tax situation is visible the most. Many of the homeowners will be forced to sell since they no longer can afford it. Usually, these homes are remodeled recently, so it may bring a few points to the price once you start renting it. Jersey City has also become a popular spot for business development, which may bring new people looking for rentals. Another positive factor is proximity and easy access to New York City.
- Newark – this place has the lowest crime rate in the last 50 years, and many new businesses are coming to the spot. It is also one of the top rental markets int he country, especially for single families. Its status on the market is raising, and it is becoming more and more popular. The positive factors are definitely proximity and easy access to Manhattan. Consider this place as a potential real estate investment in NJ.
- Hoboken – again, one of the recent hot spot for new businesses. Apart from that Hoboken, NJ offers a good environment for families – greats schools, art scene, relaxation opportunities.
How to choose the best rental real estate investment in NJ?
First-time investors may find the idea of coming into the rental business difficult and confusing. But if you play it smart, and do it carefully, you will find a perfect spot to start from in no time. Here are some things to do before making an offer on a property.
Do some research
Even though the idea of consulting a professional like real estate agent or local movers NJ, is attractive, and you should go for it, doing some research beforehand is necessary. Finding a good rental real estate investment in NJ is not an easy job, so you should take your time. Do some research on your own, without any pressure and take an objective approach to each property you are considering. The way to do that is to select a property and make a list of both positive and negative sides. Some factors you should definitely consider when doing this are:
- Location – depending on your target clients, you should pick a neighborhood that they may find interesting. This means that if you are looking for student tenants – look around a school or university.
- Taxes-Inform about tax rates on each property you look at, since it may vary. If you look for long-term tenants, higher taxes don’t have to be a bad thing.
- Crime – crime rate is very important because you will rent more easily if there are no serious crimes happening nearby.
- Jobs – good job opportunities and big companies nearby are always a positive thing and they attract new people to the neighborhood.