Why New York Is Not The Place To Invest In Real Estate

When it comes to investing in real estate, inner-city areas like New York can seem like prime pickings. When you take a closer look, you’ll come to see that locations like these are jammed full of rented apartments and properties. Most investors just can’t get enough of them, and it’s easy to see why.

There are some apparent benefits to investing in areas like these. New York especially has seen a steady increase in value over time. In fact, New York real estate hasn’t dropped in value since way back in the 1950s. That’s not a situation you’ll find in many areas. It means that an investment here brings a pretty safe chance of decent returns.

And, house prices aren’t the only thing which rise on a regular basis here. New York’s population has also been steadily creeping upwards for years by this point. What’s more, the varied cultures and lifestyles in areas like this mean that rental opportunities here have a pretty broad reach. You can bet there will be at least someone looking for what you’re offering, in the price range you’re asking for.

But, we aren’t here to sing the praises of New York investments. In fact, we’re here to tell you why this could be a bad idea. While inner-city investments make sense in many ways, this is a double-sided issue. On the one hand, you can experience all the benefits mentioned above and more. On the other, there are plenty of New York landlords who are struggling to so much as cover their mortgage costs. As if that weren’t warning enough, we’re going to look at a few of the reasons you might want to steer well clear of New York and invest in a more rural area.

The New York market is pretty saturated


There may be high rental demand in New York, but there are also a whole load of investors operating there. Too many people believe that popular cities win the real estate lottery. That means you’re going to be competing against competitors for each tenant. Sometimes, that battle just isn’t worth fighting. Bear in mind, too, that finding a niche is as crucial in real estate as it is in any business enterprise. And, a niche isn’t something you’ll be able to settle upon when you’re operating in the same New York suburbs as everyone else. So, you’ll be competing in a drowning market, trying to sell the same thing as all those people around you. When you look at it like that, it seems like an impossible task. It’s no wonder, then, that many people struggle to achieve it. To do away with that competition, you may find it better to look at investments in more rural areas. Not only does this give you the pick of the market, but it also provides a unique selling point for you. Potential tenants are far more liable to look your way if renting with you means living around Yellowstone National Park than a typical city setting. Even just being able to promise a decent amount of land could see you winning through over all those other property investors. And, these are benefits you would never be able to find if you were looking in those busy city areas.

Inner-city prices are through the roof

The reality of today’s housing market is harsh, and prices are high. While many cite this as a reason to invest in cities, it also works as a downside. Steady increases in value will undeniably come back to benefit you later down the line. But, you will need to have more cash in your pocket to buy a New York property in the first place. What’s more, your money may well only stretch to a small apartment. The moment you step outside of those city confines, though, you may come to find that you can afford four-bedroom ranches with acres of land to their name. And, with rural areas growing in popularity of late, you still stand to see a sizeable return from an investment like this down the line. Admittedly, rent in city areas does tend to be higher. But, the increased size of your rural rental could still see you charging the same amount each month. And, given how much less you paid in the first place, that could see you pulling a profit a whole load faster. Speaking of speed, you’ll be able to make an investment like this a lot sooner in your journey. Those saving up for New York real estate may need to work towards the goal for a few years. But, your willingness to look outside the city could see you with a property to your name in six months or less. By the time you would have been able to buy your New York apartment, you could already have earnt a hefty sum in rent.


New York offers little freedom for growth

While city house prices do tend to rise over time, properties here offer little room for growth. In fact, the majority of New York investment properties are based in someone else’s building. As such, you stand no chance to expand or extend your property. You may even find that there are restrictions on simple things, like your ability to renovate. That means you’re stuck with the general price increases, with little room for extras. By comparison, there are next to no restrictions on most rural properties. This means you would be free to extend properties up, down, and outwards. You could build outhouses on your land, or incorporate swimming pools into a property’s yard. You could even renovate the kitchen or bathroom spaces. If you get things like this right, you could stand to double the value of your property. Not only does that make up for slower rural increases, but it also leaves city prices in the dust. If you’re willing to put a little work in, then, New York definitely isn’t the place you should invest.

Four Ways To Outsource On A Budget

Being a freelancer is a big deal. You’re out in the world and you’re running your own home office, and you’re basically running your own business. If you are a freelancer who is looking to expand into owning your own business, you need to look at what your finances could be to know whether you could afford something like outsourcing. Let’s be honest: you’re good at what you do, but you’re not good at everything. You can run your niche – it’s why you’re a freelancer in the first place. However, you may not have a clue about IT support or marketing campaigns and advertising ideas.

The problem is money. It’s an age old catch-22: you need money to outsource, but to make more money you need to outsource! Instead, you’ve got to figure out how to do it in a way that’s affordable. When you’re focusing on keeping your IT systems secure, you should speak to companies like ATB, who offer help with anti spam software and virus protection. When you have to focus on your next ad campaign for your business, you’d speak to an expert in marketing to ensure you get the right traffic directed toward your business to improve conversions. Below, you’ll find four ways to outsource on a lower budget than you’d like.

Go For Importance

You may love the idea of a virtual assistant, but it’s the least important job you need to outsource. You can’t keep going with a business that’s unprotected, so look at outsourcing IT first. You’ll be able to expand better when you have a well supported IT system and great web hosting.

Outsource The Jobs You Hate Doing

Who likes to invoice? No one likes to invoice. You’ve got more exciting things to do, like network and get new business your way. Think about the jobs that you find tedious and look to outsource those first. Not only does that get it out of your way, it frees you up to do the jobs you want to do, instead.

Start Small

You’re on a budget, which means that even if you wanted to you can’t pay out big money for your outsourcing. Look at starting small with another freelancer to do the images for your blog or the backend stuff for your IT systems. As you build more cash, you can outsource more and keep bringing in new business with the money that you’re saving.

Outsource To Make Money

What is it about your business that you know will increase your bottom line? If you choose to work on outsourcing those tasks first, you’re going to ensure that you gain from it. If any of the business tasks that you partake in have an effect on your clients, you need to make those the top of the list – these earn you money, remember!

Outsourcing can be overwhelming on a budget, but it doesn’t mean that it’s impossible. Look at the ways that you can layer your outsourcing and start with the small things.

 

About To Take Up a Trade? Check That You Have The Right Insurance

If you have finished all of your training and are about to step into the career path of a tradesmen, or perhaps just want to start learning a new trade, you may need to consider whether or not you have the right insurance to cover you if there are any potential accidents. Don’t take a risk and instead keep yourself out of harm’s way by finding the best insurance for you and your work.

Tradesman Insurance

If you are looking for the perfect insurance to suit your trade, you need to be able to find a no obligation insurance quote comparison for tradesmen, which will allow you to personalise your insurance so that it fully fits any vulnerabilities in your business model. When it comes to your work, your clients expect a high a standard, whether that is fixing or building parts of their home or even just working on a public community project.

However, what they underestimate is how hazardous working in this field truly is. With over 64,000 non-fatal injuries happening to trade workers each year in the UK, your policy must be tailored to suit your own needs. So be sure to go online to compare different quotes from your intended insurers. When you find one you approve of, then be sure to barter with them to see if you can gain more benefits or a cheaper cost. If you have a proven track record of keeping safe whilst on a job, then your insurer may choose to lower your insurance cost even further.

Liability Insurance Types

Whether you are a sole tradesman or work under a company, if you want to make sure that you are fully covered by your insurance, you should be looking into these three types of liability cover:

• Public Liability Insurance

This insurance is extremely useful if you are looking to protect your business from any potential claims that arise from accidental injuries that occur to a customer, or if a member of the public is in a future accident in connection with the work you undertook. Whether this is simply by slipping over your equipment or through a maintenance malfunction, this insurance can make sure that any claims against you can be taken care of without causing you a financial problem for you and your company.

• Employers’ Liability Insurance

This insurance is a legal requirement for any tradesman, due to UK law, and if you do not get it after you have started employing any additional tradesmen in your team, then you could be fined up to £2500 pounds per day. Employers Liability Insurance will protect you against any claims from your employees if they become injured or fall ill due to work. This can be onsite or off site, and even from your former employees.

• Professional Indemnity Insurance

Professional Liability Insurance will cover your business just in case your clients accuse you of damage or incorrect advice that has caused them to lose their money whilst investing in a new project. No matter what sort of accident happens, you should also keep an Accident Book to ensure that the same mistake.