Whether you live in the Shoals yourself or not, this area, with its pleasant climate, beautiful neighborhoods and Deep South flavor, may have captured your attention as a real estate investor.
If you are looking for some reasons to invest in rental properties in the area, following are some great reasons to consider moving forward with your idea.
Buy a Home in Florence, AL
- The population in the Shoals is growing rapidly. While the Shoals region only has around 200,000 inhabitants at present, that population is swiftly increasing. Over the past couple decades, the population of Muscle Shoals has jumped 42.61%. The increase in Florence has been more sedate but is still quite noteworthy. Since 2000, the population has jumped 9.88%. With so many people moving to the Shoals, it is reasonable to expect that property values will continue to increase, and demand for housing will rise. If that is the case, investing in rental properties in the area now could lead to excellent income over the years ahead. Position yourself for success today, and you could cut in ahead of future competitors.
- Home values in the area have been increasing over recent years. Data from Zillow shows increasing property values in the Shoals. On this page, you can view a chart which shows Florence median list prices increasing from $129,000 back in January 2010 to around $149,000 as of December 2018. As you might expect, the increase in home values in Muscle Shoals has been more dramatic, given its swiftly increasing population. As of January 2010, the median list price for homes in Muscle Shoals was $147,000. By December 2018, that value had risen to $239,000. If property values in the area continue this upward surge, you can project forward and imagine the possibilities for your real estate portfolio. Not only will the overall value of your rental property potentially increase, but it is likely that you will be able to charge higher rents in the future as well.
- There are some truly beautiful properties in this area in which to invest. The Shoals region has a fascinating history which has resulted in several different architectural styles becoming prominent in the area throughout the years. This means that there are some truly unique rental properties in the Tri-Cities in which you can invest. Some of these may even be historical, mortgage them intrinsic timeless value.
- This area is an economic hub. With a population of only around 200,000, the Shoals never gets to feeling too crowded. Nonetheless, you may get the feeling while you were here that the population must be higher than this. This is because there are about 410,000 commuters who travel to work in Muscle Shoals, Florence, and other communities in the Tri-Cities every day. The economic value of this region is high, and many people travel here from farther away on business. As the owner of a local rental property, you can take advantage of this fact, offering your rental units to those on extended trips.
- The Shoals is a lovely destination for tourism. There are quite a few tourist attractions in the Shoals. Some famous destinations here include the Muscle Shoals Sound Studio and FAME, the childhood home of Helen Keller, the Robert Trent Jones Golf Trail, and of course the gorgeous Tennessee River. The entire area is just flat-out beautiful, and that too draws visitors. If you are thinking about operating a vacation rental, all of these local attractions add value to the property you purchase. As this area continues to grow and becomes more and more well known, it seems likely that it will become even more of a magnet for tourists.
Choose American Pacific Mortgage Lending for Your Rental Property Financing Needs in the Shoals
Want to move quickly on valuable rental property in the Shoals? Please call American Pacific Mortgage, Inc. at (205) 495-0313 to schedule your rental property financing consultation. We close fast so that you can achieve your real estate investment goals.