As an investor, you can attest to the benefits and advantages of investing in real estate. Compared to other investment options such as stocks, real estate has proved to be in a different class.
When you invest in the right market, you can be assured of consistent rental income, tax advantages, and appreciation in value. The question is the right market. Logan, UT is such a market. With its diversity of property options, strong economy, and a plethora of outdoor attractions, investing in Logan could give an investor a significant return.
In this article, the reputable team from Reside Rental breaks down the reasons why Logan should be on your radar.
A Robust Economy
Property investment is a long-term investment. Therefore, an investor should critically assess the local economy and its performance in the past and future projections. For you to enjoy consistent returns, the local economy must be performing well.
The regional and local economy of Logan, UT has grown considerably over the years with improving employment numbers and diversity of businesses.
The state’s economy is regarded as one of the best performing in the country. For context’s sake, the state’s growth has surpassed the nation’s average and the unemployment rate has remained consistently below the national average.
In terms of diversity, there is one particular industry that has enjoyed growth over the years and that is tech. Young professionals are flocking to the area while start-up companies are cropping up. Inovar, Campbell Scientific, and Space Dynamics Laboratory are some of the companies that are based in Logan.
With these numbers and projections, investing in Logan should be a no-brainer.
While its uniqueness makes it to be viewed a bit differently, real estate remains to be an economic good/ product and the consumer of the product is the populace. As you assess the possibility of investing in an area, you must keep a keen eye on population statistics.
In Logan, the population in the area and the state has been growing steadily. Statistics from the US Census Bureau reveal that the population in the last decade increased by approximately 14%.
While the growth can be attributed to internal growth, the state has been receiving a lot of migrants. With a vibrant economy and employment opportunities on the rise, this can only be expected.
Diversity in Housing
The beauty about investing in Logan housing is the wide range of options available for you. Should you be looking for a condo near the downtown area, a luxury option, or a traditional single-family residence, you are assured you will find something of that sort in Logan.
With the rising cost of living and also of mortgage rates, investors are looking for affordable options in the real estate market. There are affordable housing investment options that are just perfect. These options are also ideal for the new investor who is looking for a low-risk option and might not have deep pockets to rely on.
Logan and the larger Utah region are famous for their stunning landscapes. You can choose to visit ski resorts, national parks, and other recreational options in Logan.
Recreation draws hundreds of thousands of tourists to Logan and millions of dollars. As an investor, you can also take advantage of this by diversifying your portfolio. Short-term vacation rentals can be a great investment opportunity.
As a property owner, you should be aware of how much you owe the county and state every month or year. Researching tax policies and laws is part of your journey of being a property owner and landlord.
Compared to other States, Utah’s taxes place a relatively low burden on property owners which makes it stand out in the region. There are several tax incentives for both individuals and businesses. One in particular that you can take advantage of is a tax exemption for rehabilitation and new development projects.
Furthermore, Utah doesn’t have estate or state inheritance tax. This can be a big advantage should the property pass on to the next generation.
Professionals and young families are always on the lookout for neighborhoods and cities with strong educational performance. This is because households are hoping to give their children the best foundation for a bright future.
The education system ranks as one of the best. Apart from a strong curriculum, schools here have high graduation rankings. Such statistics draw households to Logan, make them want to develop roots, and be a part of the community.
The state has made significant investments in technology and transportation. You can be assured that your tenants can easily move around from one place to another. This is also an important factor in the long run since businesses and developers will be attracted here.
With its strong economy, breathtaking outdoor attractions, and the diversity of housing investment options, it is no surprise that Logan is a preferred investment by many.
Investing in housing is however different from other options in the market. This is partly attributed to the uniqueness of the asset. It is immovable, must comply with a plethora of laws, and derives its utility and value differently. To properly invest in property, you will need the guidance of a local partner to guide you.
Reside Rentals is such a partner. We are a locally owned and operated property firm with years of experience in the local market. Our company has a reputation for offering customized property solutions to its clients. Get in touch with us today and you can receive a quote for our property services.