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Expert Advice: Is Buying a Duplex in Salt Lake City a Good Investment?

Robert Embley

Founder and Principal Broker. Licensed since 2010. Over 200 homes sold along the Wasatch Front...

Founder and Principal Broker. Licensed since 2010. Over 200 homes sold along the Wasatch Front...

Oct 7 6 minutes read

Before moving to purchase a duplex in Salt Lake City, you should have a working strategy in place. Among the most critical factors in the real estate industry is the location of the property you intend to invest in. Salt Lake City is one of the ideal locations for most real estate investors to purchase a duplex. If you didn't know, Utah is a booming state, and so is its real estate industry. Utah’s population increase seconds the District of Columbia, increasing by 18.4 percent in the last ten years.

Utah is comfortably among the most lucrative locations in the country for property investment. People and businesses are flocking the state, with most of Utah’s major cities seeing a significant swell in the number of renters. Salt Lake City features prominent universities and financial institutions such as the Ally Bank, which help boost and sustain its economy and appeal to potential real estate investors. 

What Factors Make Salt Lake City Viable for a Duplex Investment?

There are a few factors that make Salt Lake City a unique duplex investment location. Some of them include:

High Returns on Investment Properties

Investors are always interested in quick profits and high return rates. You can only achieve this by buying low-value rental property and intensively managing risk when it comes to real estate. While low-value property often necessitates intensive management, they usually offer better chances of making more money. Salt Lake City provides both low and high-value property, providing significant benefits to investors whose primary concern is cash on cash. The high returns on duplex for sale in Salt Lake City have lead hordes of real estate investors to the city’s lucrative property market. It would be regrettable if you missed the opportunity.

Great Schools and Institutions

Industries, Universities, and financial institutions are some of the essential institutions for a city to have. Salt Lake City is home to excellent education facilities, companies, as well as financial institutions. That makes it lucrative for everyone, including families with children, those living in single-unit households, as well as those considering retirement. It is essential to think forward about the coming year and seasons. That ultimately leads you to Utah, the state with the country's 2nd best real estate return potential. That’s because even with the high returns potential, property in Utah is relatively cheap and could easily be marketed to interested parties because of the various institutions in the state, which make life much smoother for its residents.

A Stable and Booming Economy

The economy of a city inevitably determines the value of homes within its geographical reach. Salt Lake City has seen a boom in its economy regardless of the difficulties experienced because of the pandemic. While we cannot foretell the reach and extent of the Corona Pandemic, it remains an ideal location for property investors to get a duplex. With all the institutions in place, any family would be interested in a duplex for sale in Salt Lake City, and this grants you the opportunity to make a buck out of it.

Low Interest Rates

The federal government’s announcement to keep household interest rates low is bound to be in practice for a few more years. This is a sign to most property buyers that duplex prices in the Salt Lake City would remain viable for a while. It stimulates housing markets across the country, but more in Utah for its unique property price factors. Low interest rates in Utah mean more profits for a duplex for sale in Salt Lake City and more affordable living conditions for the city's residents. That means the Utah real estate market awaits your investment in a duplex and promises a good return on your investment.

Salt Lake Duplex Prices are Predicted to Rise

Sooner rather than later, prices of different duplex for sale in Salt Lake City are bound to rise. While we cannot accurately determine the extent of Coronavirus in Salt Lake City, there are positive trends that suggest the growth of the Utah real estate market in the near future.

Salt Lake City’s Real Estate Market Expectations

Any speculation on the impact of the pandemic in Salt Lake City could be premature, but we can already see promising trends emerging. From predictions in the Utah real estate market, investors can already tell that the Utah real estate market is promising. Here are some of the projections on the real estate market in Salt Lake City that are most likely to come to life within the year:

  • Home prices in Utah will Increase: In Utah, investing in lower value property is bound to be fruitful. The Utah real estate market is only going to get better in the near future. It is time you considered getting a lucrative duplex for sale in Salt Lake City. 
  • Builders in Utah will begin to add inventory: With the average home prices in Utah appreciating consistently, it's only fair to assume builders will add inventory. You should, therefore, lean your investment more towards long-term real estate strategies. 
  • Buy and hold properties are the best in Utah: The long-term real estate strategy involves purchasing and owning property, hoping to get a much better price in the future. The Salt Lake City real estate market is best for people looking to invest in a duplex that can be held for a long period and earn a lot more in the future. While you may not enjoy much better cash on cash value, you are more likely to have a higher income, a longer tenancy, and a better credit score.

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