May 27, 2020
Investment ROI: Best Neighborhoods with Potential in Asheville
Asheville Neighborhoods with the Potential for Return on Investment (ROI)
As the real estate market begins to open back up, we will see a rise in investors looking at neighborhoods throughout the city and surrounding areas to determine the best place to buy. There are always some amazing gems in the area, whether you’re looking to buy your own home or investment property. Here are a few of the neighborhoods that may give you the best ROI long term.
While it seems like a historic district isn’t the best bet to buy an investment property, it may be a good call. There is evidence to suggest that the properties in the neighborhood are undervalued, which means you may be able to get a deal. That said, it’s also important to note that Montford is highly sought after, but that means when you find a gem, you may have to jump on it. Prices may seem high when compared with other neighborhoods, but the homes will only continue to appreciate.
On the opposite side of downtown, the expansive neighborhood known as Kenilworth is a great place to buy. It’s proximity to both downtown and Mission hospital make it highly desirable for medical professionals and older adults moving to Asheville who need access to increased medical care. The prices still look expensive on paper, but if prices decline, it may be a great place to buy an investment property.
While a lot of people are concerned about investment properties in West Asheville, the community remains a vital part of the area. The Haywood corridor may not be the best for buying homes, but going just a little further into the neighborhood on both sides of the streets can give you excellent access to homes. West Asheville is still a community where renters flock, so it can be a good place to own investment houses.
Getting outside of Asheville proper will also give you more options at more affordable prices. Hendersonville has always had a draw. It’s close enough to Asheville and jobs in the Arden area that people will often live there to pay less than they might in the city itself. Hendersonville has a vibrant downtown with plenty of culture and activity.
If what you’re looking for is a slower pace, Black Mountain may be the right area for you. As with Hendersonville, it’s not too close to Asheville, but the city is accessible and it has plenty of charm to attract people to the area.
Where are you thinking about buying an investment property in Asheville with the potential ROI? Talk to the team at GoPrime of West Asheville today, give us a call. Note that the opinions expressed in this blog post are those of the author and are not authorized or endorsed by GoPrime Mortgage.
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