Real estate is one industry that many people want to start investing in. A large portfolio of homes to rent out, sell on and generally have up your sleeve can be incredibly lucrative and more and more people are looking to get on the ladder and make money from it.
Of course, that isn’t as straightforward as it sounds. It takes a lot of work and if you’re looking how to become a real estate investor, it’s worth considering a number of things.
You need a solid strategy and become an expert on it, as well as understanding about the right times to invest and the right times to sell. Then there’s budget.
Budget hugely dictates the type of property affordable to you, as well as how much profit you’ll eventually make from them.
For those in Arizona with a big budget, there are some truly stunning areas to invest in the property market. But just where in the state has the highest average property price?
Paradise Valley is the wealthiest community in Arizona, located just outside Scottsdale. It’s a beautiful part of the state, with property worth on average $3.35million.
It’s home to many stars and was once home to Muhammad Ali. Today, the likes of Alice Cooper, Alicia Keys and Olympic swimmer Michael Phelps all have lived in the area, the latter buying a $2.53million home back in 2015 and selling for $4.1million just last year.
It will forever be one of the most desirable locations in the state and if you have a spare few million dollars, the number one place to buy a home in Arizona.
Just a stone’s throw from Paradise Valley is Scottsdale and the luxury homes continue to flow. There are some staggeringly beautiful homes in the area, with an average price of $989,000.
Like the Valley, there are many notable residents, including the likes of Charles Barkley, Kurt Warner, Emma Stone and more.
Scottsdale itself has a range of local amenities and is a relatively bustling city with around a quarter of a million residents.
Schooling is excellent and the Arts Festival is cited as one of the finest in the country, thanks to its 125 galleries in the city, the highest per-capita in the USA.
Cave Creek is a small town just north of Phoenix and the perfect, peaceful little location to invest in.
Property currently is worth an average of $830,000 and continues to rise as demand to live in the area continues to grow.
It’s a town of significant history, with a number of original structures still in place from when Native-Americans first settled in the areas. They’ve generally been transformed into shops and restaurants, where you’ll find some great food.
As well as this, the town is famed for its former gold mining industry and there is a museum as well as trails that still exist as a nod to those times.
Homes are spacious with generally plenty of outside space so while expensive, you do also get plenty for your money.
Carefree sits just beside Cave Creek and housing is of similar value on average at around $818,000.
With only around 3,000 residents it’s a lovely little community and is home to the Sears-Kay Ruin, a former Hohokam fort.
It’s a good spot for those retiring and you’ll find many people wanting to move out there for the hiking and fresh air, and therefore demand is always there.
A number of older stars have had residence here, including Dick Van Dyck and entrepreneur Eric Bischoff.
There are a number of amenities including many gourmet restaurants making it a very desirable location for the elite.
Fountain Hills is back towards the Scottsdale area and is the fifth most expensive place to live in Arizona, with prices generally setting you back around $760,000.
Around 22,000 live in the town with the fountain of Fountain Hills standing tall as its main monument, shooting up 560 feet.
Many retirees live in the town, so makes for a good investment to either retire into, rent out to older residents or even sell once the time is right.
As well as this, the school’s in the town are well above average and has plenty of space to get out, stretch the legs and enjoy some peace and quiet away from the city.
As well as the above, other notable places worth investing in, include Sedona (average price $729,000), Gold Canyon ($645,000), Catalina Foothills ($640,000) and Wickenburg ($587,000).