Looking for the ideal real estate market to invest in? Why not consider Chesapeake, Virginia?
The reasons why you should invest in real estate cannot be summarized in such a short blog post. Compared to investing in bonds, stocks or other vehicles, real estate offers stable and steady cash flow. With a well-maintained property, property leasing is a good source of passive income.
Another advantage of real estate is its ability of serving as security. Due to its stability and immovability, property owners can approach lending institutions and banks and request for a loan. With the money (and the leveraged property paying itself off), you can be able to secure other property in the area.
For investors looking for a market to invest in, RentEasy has prepared reasons to invest in Chesapeake, VA. From our experience in the Chesapeake area, we highlight the key reasons that make Chesapeake an ideal location.
Factors that Influence Chesapeake Real Estate
Here are some of the key factors driving real estate in the Chesapeake, Virginia area:
Population
Without a strong population base, there is no way that your investment is going to be viable. A fully occupied property gives you an opportunity of recouping your initial capital outlay and earning a higher-than-normal ROI.
In terms of population, Chesapeake ranks third in the State of Virginia. Over the past several years, there is no city in the Hampton Roads area that has experienced faster growth. This information should compel any rational investor to sink their funds in the Virginia city.
For you to realize that high ROI from your investment, call upon the experienced and professional team at RentEasy. We have documented the growth of the city over the years and now the best neighborhoods for you to invest in.
Tourism
If you are an out of state investor, we encourage you to take a drive down to our city. Situated at the center of Coastal Virginia, all it takes is one look for you to fall in love with Chesapeake. The city is peppered with natural attractions and sights. There are miles and miles of canals to explore, trails to hike, hundreds of fishes to catch, and birds to see.
It is not only the nature that tourists come to see but also to experience the rich culture of Virginia. There are several world class galleries, theatres, and entertainment centers to visit. Some of the notable mentions are the Virginia Museum of Contemporary Art and Chesapeake City Park.
As a result, tourism contributes handsomely to the GDP of the city. Some of this revenue spills over to other sectors of the economy, including real estate.
Location and Proximity
Location, location, location! Ask any property and real estate service provider and they will confirm that this mantra reiterates a very important aspect of your potential purchase. This applies not only in Chesapeake but also anywhere in the country that you will consider purchasing. Due to its immovability aspect, the services and amenities in the environment will affect the usability and value of your property.
In terms of location, Chesapeake is ideally located to two very important economic drivers in the region, the largest naval base in the world, the Naval Station Norfolk, and the Port of Virginia. Both are responsible for drawing in millions, if not billions, of dollars’ worth of revenue every year. Both activities also create new job opportunities and lure in thousands of people.
They are a major source of income in Chesapeake and hundreds of households rely on them for a livelihood.
Transportation
Chesapeake is a regional transportation center. Residents of the city have a variety of transportation options available, from highway to rail service to international air travel. One of the most important routes has been briefly mentioned above, the shipping port. Chesapeake Bay is one of the most important ports not only on the Southeast Coast but also worldwide.
Apart from serving as transportation routes, one of the routes is also a local favorite. The Intracoastal Waterway is where locals go to watch water vessels go about their way.
Trade and Business
Due to the factors mentioned above, Chesapeake has been attracting companies and corporations. Acknowledging the importance of a diverse economy, the city has been working to make the region business friendly. From the increasing number of retails, technical, financial, and manufacturing companies in the city, there is something being done right.
Quality of Life
From our experience advising property investors and managing property in Chesapeake, we can confirm that this is one aspect being considered more and more. Renters are concerned about the services available, the community around them and the quality of education in the area.
From the snippets we have mentioned above, we can confirm that all that and more is available in our city. In case you have any questions, don’t hesitate to call upon Rent Easy.
The Bottom Line
Chesapeake’s growing population, its ideal location and quality of life make it an ideal investment choice for investors. There are several neighborhoods for you to choose from. All that you need is to contact the premier property service provider.
With over a decade of experience in the property industry, Rent Easy is the real estate company to rely on. We have worked with investors in the past providing consultation services and advising on the neighborhoods to invest in. You can rely on us to show you the ins and outs of the Chesapeake real estate market.
Contact us today and receive professional services of the highest standards.
