Springfield, MO is the perfect place to invest in real estate for income properties and rental suites.
Springfield, MO boasts a very low cost of living. This is also reflected in real estate prices. Luckily, for students and young families just starting out in the area, there are plenty of cost-effective rental properties in the area. However, Springfield, MO real estate is also relatively inexpensive to purchase straight out. While some of the inexpensive homes may be in need of a little TLC, the prices in the current market are low enough to purchase a home that can be remodeled into income property – or even to purchase two homes and rent one out.
If you own Springfield, MO real estate or even a home relatively far from Springfield, it may benefit you financially to purchase an inexpensive house in Springfield, MO to use as income property. The Springfield, MO real estate market is very diverse as far as property goes. Everything from 1920’s homes and modern ranches to fully renovated victorian style homes and bungalows are available in the Springfield market. There are plenty of individuals looking for rentals in the area and you’ll often find that there is very little to do to a home before it becomes rentable. Many rental homes in the area don’t even come with kitchen appliances. If you plan to provide kitchen appliances, you’ll want to consider this added expense when you set your rent rate. Many renters will be happy to pay a bit more for a refrigerator and a stove.
Creating an Income Suite
Some of the older homes for sale in Springfield, MO are in need of some TLC before they can be put up for rent. While remodeling, you may find that there is room in both your budget and your home for a rental suite. Some homeowners choose to convert walk-out basements, while others will convert an entire upper level of a home into a stand-alone apartment with its own entrance via outdoor stairway. A realtor in Springfield, MO from Southwest Missouri Realty will be able to help you to find the piece of real estate to which you can add a rental suite. Adding an income suite to your new home will allow you to spend more on both the home and the renovations, meaning you can create your ideal rental home without breaking the bank.
Booming Real Estate Rental Market
Because Springfield, MO is home to multiple colleges and universities, and because the city itself continues to grow, the Springfield real estate market also continues to expand. Springfield is one of the few college towns in which it can be cheaper to rent a house rather than an apartment in an apartment complex. New apartment complexes are popping up every day, but new dorm-like apartments are often expensive and require students to share their space with up to 3 or 4 other residents who are sometimes strangers. Finding potential income properties within close proximity to one of the many campuses in Springfield is therefore a great way to ensure that your new real estate rental property will be in high demand.
Springfield, MO real estate prices are extremely low compared to prices in larger cities in Missouri and the college town atmosphere also means that your rental property will be in high demand. Whether you’re looking to add a rental suite to a home or you’re searching for a separate rental property altogether, Springfield, MO is one of the best places to look. Southwest Missouri Realty can help you to find the perfect real estate to turn into a rental.