If you’re considering investing in real estate in the near future and looking for the right location, Richmond, Virginia should be at the top of your list.
Why invest in real estate in Richmond? A diverse greater metropolitan area, strong economy, several up-and-coming neighborhoods, and easy access to financing give it the perfect DNA for a profitable investment.
Richmond’s Booming Economy & Greater Metro Area
Richmond, Virginia was founded in 1742, and in the time since, has developed a highly successful and diverse economy. Historically, Richmond gained a reputation as a center for law and finance, as it houses both a US Court of Appeals and a Federal Reserve Bank. But the city isn’t without its modern charms - emerging sectors like medical research and biotech have brought an influx of investment, helping the city hit its stride in the 21st century.
Along with a strong economy comes educated, high-wage workers who demand quality housing - and that’s where the opportunity for real estate investment in Richmond is so great. Whether you’re interested in a fix and flip, a construction project, or even an acquisition, Richmond’s greater metropolitan area has recently (and quickly) become attractive to investors from around the country.
This rapid growth has also catapulted Richmond home values over the last few years. Median home value currently sit at $210,000, representing an increase of around 50% since 2013 - and that’s only expected to continue.
Up and Coming Neighborhoods in Richmond
One of the benefits to investing in Richmond is the easy access to transitional neighborhoods whose conditions and stature are rapidly improving - so it’s not surprising that Richmond ranked #77 on WalletHub’s top 150 cities for fix and flip investing.
Among the many neighborhoods on the rise in Richmond is Church Hill. While the area’s historical roots run deep (dating back to the early 1700s), it fell into a period of disrepair and neglect that left it undesirable to investors for decades. Recently, though, the neighborhood has seen a huge growth in home sales, exposing the opportunity for savvy real estate investors to make a healthy profit.
Tuckahoe’s proximity to some of the area’s best schools make it another attractive option for investment. The combination of a good location and demand for quality, family-friendly housing have brought in a number of investors looking to modernize older or otherwise distressed properties.
Easy Access to Financing
Perhaps the foremost reason now is the perfect time to invest in Richmond is the easy access to financing. Over the last 20 years, hard money lenders like Walnut Street Finance have entered the market, helping a wide variety of investors acquire the financing they need to hit their goals.
These lenders can help you identify the type of financing that’s best-suited for your particular investment project. Options like fix and flip loans and construction loans are tailored to meet investor’s needs, as they’re easy to acquire and pay in installments as work is completed on your property.
If you’re interested in learning more about investing in real estate in the greater Richmond area, take a look at our free ebook, Building Your Real Estate Empire: Borrower Basics 101.