Real estate is always a steady, long-term investment, but not all properties are created equal. There are always certain aspects that appreciate in value more, or that are in higher demand. In the modern world, one of those must-haves is a reliable internet connection.
Believe it or not, good or bad internet can make or break a rental agreement or sale in 2022. Not only are people constantly online in their everyday lives, but with the recent switch to working and studying from home on a massive scale, the importance of internet connectivity has grown exponentially.
Thus, it becomes overwhelmingly important to study this aspect on a property before investing. Where is it located? Is the location served by a lot of providers? What’s the top speed in the area? How expensive is the internet bill? All this and more is important for renters and buyers, so it should also be on your radar when purchasing an investment property.
How important is internet connectivity?
But just how important is internet connectivity? It’s not a traditional feature investors look for when buying property. Demand has changed quite a bit over the last 10 years, and nowadays, an internet connection can make the difference between a property that sells and one that doesn’t. A reliable internet connection is as essential as electricity, heating, or running water. People cannot live without it.
Especially in an age where people are staying home - and more importantly - working from home - an internet connection is non-negotiable. Home buyers are willing to pay extra for a home office with all the basics, so this needs to be a priority for any investment.
Location determines everything
This is not a new rule of real estate, by any means, but location, location, location holds true. The kind of internet you have access to, the companies, the speed, it all depends on the location of the property you intend to acquire.
The further away you go from urban areas, the fewer options you’re going to have, and the less reliable. It also depends on the area of the country where you are buying. Some areas are better served than others, or have more affordable options, with higher speeds.
It may not seem like an incredibly important determining factor, but it’s a good idea to look into this before you make your purchase. We live in an increasingly connected world, especially in a pandemic reality, so connectivity is crucial.
Look into who serves the area
Before narrowing down a property, look into which providers serve the area. How many options do you have? Are they established and reliable? Do you have options? More importantly - are they already present in the area you are looking to buy?
Oftentimes, you do not get the option to get internet from someone else because the infrastructure that is already in place does not permit it. If your entire neighborhood has internet from a certain provider, a new provider will not install cables just for your benefit.
It’s also worth looking into the types of connections that are available to you. If you don’t have a lot of options, the value of your property will be impacted.
The main drawback with rural properties is that they are more remote, and broadband is harder to come by in this environment. Depending on how remote the property is located, you may only be able to rely on satellite internet and not be able to benefit from newer, faster, and more modern connections, like fiber internet.
However, while still less connected than urban and suburban areas, internet connections for rural homes are growing the most rapidly. Especially with the pandemic, there is a significant ongoing effort to connect areas that are underserved. And according to studies, a lack of high-speed internet is not a deal-breaker, as long as there is some access.
Urban & suburban properties
With properties that are located in urban or suburban areas, things are less complicated, and you have a variety of options at your disposal. While fiber internet is preferable, being the fastest, other alternatives include cable internet, satellite internet, copper internet, or even DSL.
Speed and reliability are significantly improved in urban and suburban properties compared to rural and remote ones, which is a big draw for renters or buyers. Considering the high number of professionals looking to rent who can afford a pricey city apartment, it’s worth springing for the good Wi-Fi.
Investing in real estate is still the best way to acquire wealth, but you have to know how to choose the right kind of property. There are a few aspects to consider, like location, size, layout - and even internet connectivity.
While virtually any property will increase in value and probably be sought after, whether for rent or sale, choosing a property that is attractive and in demand requires more finesse and paying attention to details.
Home offices, pools, and open plan kitchens are still among the top requests buyers have for a home, but lately, a solid internet connection has also become important. People rely on it more and more for both work and play, so don’t overlook it when searching for the perfect property.