The current pandemic isn’t just changing the way we work, it’s also changing where we choose to live.
Now that many professionals are free to work from home indefinitely, they no longer have to be tethered to the expensive cities where they currently live. That’s why many are choosing to leave behind the bustle of urban living for the peace and quiet offered by rural America.
But a more relaxed lifestyle isn’t the only perk of going rural—take a look at these other benefits, too:
Many people think that only the uber-rich can afford to own acreage. The truth is, rural land is so much cheaper – about 45% less on the average than the cost of urban land. It’s basic supply and demand, really: land is simply more abundant in rural areas than in cities, hence the lower price.
You can save even more by buying a vacant lot, as sellers of such properties view them as “dormant” investments. Hence, they will often be willing to consider further discounts just to get the property off their hands.
There’s nothing more heartbreaking than finding an ideal property only to be outbid by another buyer. You’re less likely to experience such a scenario when purchasing rural real estate because there’s typically less competition.
The proof is in the statistics: data from Pew Social Trends found that 46 million Americans live in rural areas, while 98 million live in urban localities. With fewer buyers, there’s a higher chance of your nabbing the property you’re interested in —at a lower price to boot.
Property tax is influenced greatly by total assessed property value in a county. Real estate values in urban areas tend to be much higher than in rural ones; city dwellers also pay higher tax rates. This difference in property taxes — though seemingly minimal — can save you thousands of dollars over the years.
Lower tenant turnover
What if you plan to invest rather than live in a rural area? You’ll be glad to learn that residents of rural locales tend to stay put longer than their urban counterparts.
If you invest in a rental home or apartment building, you’ll likely have tenants who’ll stay for years, if not decades. This is a definite plus for landlords, as finding a new tenant can set you back as much as $5,000. Long-tenured tenants also take better care of your property, meaning you’ll spend less on maintenance.
When you buy rural land, you’re essentially buying a blank canvas. Do you want to build a rustic vacation home or a cozy bed and breakfast? You can do either! You can also employ a buy-and-hold strategy: invest in a promising piece of land, wait for a land developer to purchase it, and earn a big payoff. This flexibility means whatever your goals or budget may be, rural land can be a rewarding investment.
When it comes to investing in property, it really pays to think outside the box. Who knows, your dream property might just be found in rural Texas.
If you’re looking to purchase property in the area, get in touch with me at Desert Flower Realty. Call 361.449.2051 or shoot me an email at desertflowerrealty(at)desertflowerrealty(dotted)com. I’ll be happy to help.