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What does the next stage of your life look like? Are you figuring out how to raise young children into functioning adults? Are you just graduating college and trying to find that first big job? Have the kids all moved out, and you are now an empty nester starting to look toward retirement?
No matter what life stage you are in, the decisions you make now will impact your future. One phase that most Americans will experience at some point is property ownership. There are many different types of properties that you can own, from single-family homes to rental units to commercial real estate.
Arizona is a great place to buy property. There are numerous real estate markets to choose from, and the area of Phoenix and its surrounding suburbs is a very popular place to move to. Let’s discuss a few reasons why buying property in this Southwest state could be the right move for your next stage of life.
In This Post:
Diverse Home Loan Options
Affording property is typically a challenge, especially if you are trying to secure a home for yourself and your family. Few buyers can afford the price upfront, which is why they often turn to home loans. Depending on your circumstances and the type of home you want, many loan programs can make the purchase more affordable. A conventional home loan is attainable for those with decent credit and a stable income. If you have limited means, an FHA loan or USDA loan (rural areas only) might be the solution. Perhaps you are dreaming big and want a luxurious home, in which case a jumbo loan may be your only solution. How much are closing costs in AZ? Typically between 2-5% of the total home price, and they can often be wrapped up into the loan. Arizona lenders offer many loan products to put homeownership within reach.
Entrepreneurs can thrive in this state. Perhaps you want to start a new business and are looking for a good state with lots of opportunities in the market. Arizona is right in the middle of the pack in terms of the best states to start a business, but the Phoenix metropolitan area is specifically a perfect location for fledgling brands. Many young families and retirees are moving to the area from across the country, as it has appealing amenities and school systems. That makes it a great market for businesses that are targeted toward these audiences.
Thriving Rental Market
If property ownership is about making money for you, then Arizona is a good place to build your portfolio. The younger generations, in particular, are very hesitant to buy homes and be locked into a long-term mortgage, so many of them elect to rent instead. This provides a great opportunity for rental property investors who want to bring in rental income regularly. Additionally, you can secure a commercial real estate loan to buy commercial property that you rent out to business tenants for a steady income. Buying a rental property in Arizona can yield big dividends if you know how to properly manage it or hire a management company to do so.
Great Weather Year-Round
Maybe you are not a fan of snowy climates and would rather enjoy the sun for most of the year. If weather is a big motivator for your property buying goals, then few states are as sunny as Arizona throughout the year. If you can withstand the hotter summers, then the weather in this state could be the main reason you fall in love with the area.
The Natural Grandeur
Are you a fan of beautiful landscapes that are incredibly unique? Then Arizona will be a paradise for you, whether you own a home or a business or both in the state. Exploring the natural wonders of the state can boost your mental health and help you appreciate the Earth. First of all, one of the great wonders of the world is in Arizona, and it is called the Grand Canyon. You may have heard of it. There are other beautiful areas, such as Sedona and the Petrified Forests. You could spend a lifetime in this area and not run out of beautiful landscapes to explore.
Arizona is a Great Place to Live and Work
Whether you are moving to this state or seeking out business ventures here, Arizona is the perfect place to buy property. The sun is out for most of the year, so you rarely have to worry about getting cold. The landscape is full of amazing sights, so the adventurer in you has plenty to explore. The rental market is thriving, so you can make a decent income as a property investor. The loan options are numerous, so your goal of homeownership is attainable. Consider buying property in Arizona to realize your dreams for your next stage of life.