Real Estate is Booming
Cache Valley has been experiencing a major boom in the real estate sector. The value of land and properties are increasing. With some good investing, a smart property owner could make some great income off of their properties. This is especially true since Cache Valley’s tourist and business industries are growing. A lot of people own land they could develop into profitable rental properties.
Types of Rental Properties You Could Invest In
1. Rural Areas
With the great camping to be found in Logan canyon, first dam area, and other places, there are a lot of people in Cache Valley who own cabins and cottages. People use them for family vacations, weekend getaways, or – in the case of my friend’s cabin back in our college days – party nights. But you don’t go to your cabin every day, do you? As you get busy, you may find yourself using these properties less and less. You’re still paying property taxes on them while they sit there, so why not rent them out? These cabins would make great vacation stops for people who want to see the rural beauty of Cache Valley without having to worry about tents, trailers, or expensive hotels.
And there’s no reason you couldn’t still use them for your own getaways when they aren’t booked. So, it’s a double value – you have a place to get away from it all from time to time and you get to make some money on the side.
2. College Rentals
Cache Valley isn’t just a place to get away from the big city life. We’re also the center of Utah State University (GO AGGIES!). USU is an internationally famous campus with students coming in from all over the world. If there’s one thing that out-of-state students need, it’s affordable housing. And if there’s one thing that some of us might own, it’s land with apartments or unused houses on it. For example, a local family purchased a plot of land with a small, two-bedroom apartment on it. They rented this property out for years, pulling in a little side income from the college students who lived there.
You could do the same. A good rental apartment at a reasonable price is always preferable to student housing on campus – better quality living space, more privacy, and not right in the middle of all the mess of foot and vehicle traffic. With a good rental property, you could be making a tidy sum of extra income for yourself.
3. Business/Commercial Rentals
Cache Valley used to be an agricultural center. While there’s still some of that going on, most of the cities in the area have shifted focus to more business oriented land development. As a lot of the old farmers retire, leaving their farms to people who don’t intend to continue the business, people are left with unused properties. As new areas get rezoned for commercial use, owners of these properties, or savvy buyers, could get their hands on valuable land to rent out.
With a bit of development, you could turn old, unused farm properties in rezoned districts into commercial buildings you could rent to local businesses. This would help you make some income off of the property and it would help expand the local economy.
These are just some ideas on how you could turn land you own, or land you buy into profitable rental properties. Before you start, though, you have to develop them some. You can’t rent an empty lot; you’ve got to have a building there first.
Maybe you’re lucky and the property already has a building on it you could rent. That’s good, but you’ll probably need to renovate it first. If you’re going to rent properties, you have laws and regulations you need to follow and the building on your property might not meet the standards. With a little bit of renovation, however, you could get it up to code.
That’s where we come in. MW construction has been working as a general contractor for residential and commercial properties for years. We’ve got a good system for getting the job done quickly, while minimizing the costs to you. If you’ve got a property you’d like to develop, then get in touch with us. We’ll help you get that property ready to work for you!