Mississippi real estate can be a particularly lucrative investment. The devastation left by Hurricane Katrina means that much of the affected infrastructure is new or has been repaired, and that affordable housing is in great demand.
There are also superb tax credits (under the GoZone program) to attract investors either to purchase or actually build certain Mississippi real estate. As with any investment, you do need to be careful, of course, and speak to your tax attorney and accountant to confirm the tax implications and risks before getting started.
Casinos and the state’s temperate climate are attractive draws to both tourists and residents, including retirees. With two military installations in Southern Mississippi, in fact, military retirees have direct access to their military retirement benefits.
Golfing is another big draw in Mississippi with Golf Magazine naming among its top 100 choices the MGM owned and operated “Grand Bear”, and a semi-private course, called “The Fallen Oak.” The fact that Mississippi has the lowest cost of living in the nation doesn’t hurt either.
Rental properties in the area usually have a low vacancy rate and can also be considered as a solid investment property.
Of the many decisions you’ll have to make when you’re thinking about buying a property (whether in Mississippi or elsewhere), is selecting a real estate agent. Your choice of agent can make a difference in the success of your quest, so a little research is in order.
Some questions to ask a real estate agent include: how many years they’ve been a full time real estate professional (in the particular region you’re looking at); the types of homes they tend to handle — are they residential owner-occupied or investment rentals?; and their track record over the past few years. You should also be able to reach and speak to your agent in a reasonably quick turn-around.
A good real estate agent should be able to tell you about the area economy, with information that might include: how the local unemployment rate compares with the state and national figures; the state of housing construction, crime, and roads in the area. The number of commercial and public building permits filed is a good indicator as to what is going up where.
Your agent should also be able to tell you about the number of large employers in the county as well as the average lifespan of private businesses. All of this information can give you a clearer picture of the stability of an area, which can in turn help you decide if you are willing to make an investment there through the purchase of a piece of real estate.
RE/MAX of Mississippi (http://www.remax-mississippi.com/mississippi-real-estate.aspx) is a real estate brokerage that specializes in Mississippi real estate. Art Gib is a freelance writer.
[tags]Mississippi real estate[/tags]
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