If you’re planning to invest in real estate, Buffalo is a wise investment as the city is undergoing a positive economic transition lately. You’ll be glad to know that, the city is ranked 11th on the list of the best cities to invest in real estate in 2022.
Many factors, including low housing prices, low tax rates, a large influx of potential tenants due to the booming tech and startup industries, and proximity to the world-famous Niagara Falls, make this city an attractive place for real estate investment.
Here are some great reasons as to why you’d want to invest in Buffalo, New York:
Huge Availability of Potential Distressed Properties
If you are looking to invest in real estate with little money, the best option for you is to buy a distressed property in Buffalo. You buy, renovate, and sell/rent at a low cost with high efficiency. Not many cities has potential distressed properties, however, Buffalo, being the second largest city of New York has roughly 10,000 vacant properties.
The city’s rapid growth, low cost of living, good schools, and child-rearing environment, have made relocating to Buffalo remarkably popular. It goes without saying that renovating distressed properties is essential to accommodate the growing population. Here you can seize the opportunity and see that your investment giving you positive returns in no time.
If this interests you, we at Hard Money Buffalo, can support you with financing your project. As real estate investors ourselves, we understand the difficulties associated with house-flipping and rental property management. We are dedicated to assisting you in expanding your real estate investing business inside the city and contributing to the city’s development as a whole.
Growing Relocation Rate
Various studies say Buffalo’s inflow-outflow ratio is among the best in the nation. Buffalo has experienced the third-highest net inflow—the number of individuals wishing to come here minus the number leaving—since the outbreak, according to Seattle-based Redfin survey.
The survey found a 107% rise in out-of-towners moving to Buffalo, second only to Santa Barbara, California, and Louisville, Kentucky. Furthermore, it is a staple that 35% of home searches originated outside the region. The pandemic has allowed individuals to work remotely and reconsider living in a big metropolis like New York, which leads the nation in the outflow.
Buffalo is a big city attraction with cheaper living costs than many NYC studio apartments. This obvious reason will keep driving the population to relocate here, resulting in your Buffalo real estate investment being a win for you. The investment you’ll make here will only yield positive returns for you, so even if you’re running low on the pocket we can help you to proceed.
Hard Money Buffalo aims to benefit Buffalo investors by lending cash on various terms. If you too see the prospect of Buffalo turning into a profitable market for real estate like us but worrying about home loans, then we are here to put your mind at ease.
High Rental Demand
In Buffalo, many potential customers of real estate only want to rent houses for short stays. The main reason for this is the proximity to the world’s one of the seven wonders, Niagara Falls. Both native Americans and international tourists flock to this city and stay only for a few days to explore the beauty of Niagara Falls.
As new and old companies are coming to Buffalo, and employees are migrating here for that purpose. Most of them need rented accommodation.
Additionally, people looking for a more economical way of life are flocking here, largely as tenants from places with high living costs. These situations create new opportunities for real estate investors like you to increase your profitability.
Affordability
Buffalo’s demand has skyrocketed in recent years because of its affordable housing, cost of living, and low health care expenses. Buffalo boasts a cost of living that is roughly 50% cheaper than New York City. Furthermore, low tax rates for home owners and local businesses driving a number of investors, residents and business owners to move here.
As a result, Buffalo, NY, has been in a seller’s market and the trend is only going up. Even though the pandemic hit hard on the global economy, the real estate business in Buffalo stayed solid. The reason is people became keener towards having comfortable housing for remote jobs and affordable expenses.
Final Thoughts
We hope you realize the rich opportunities for real estate investing in Buffalo, NY. The affordability, budding companies, and beautiful environment pushing the relocation rate upward, increasing the real estate demand high day by day.
Investing in this area is a wise move given the quantity of potential profit you might generate. We are here to support your investing projects, get in touch with us today!