The Virginia property market has been an interesting place over the last year! Property prices have risen but are now showing signs of a return to some kind of normality.
With its proximity to DC and a huge number of government workers, there's always demand for Virginia housing! If you're thinking of taking the plunge into the Virginia property market, what are some tips you should consider?
Read on for our top 5 Virginia property investment tips.
1. Get the Location Right
Virginia real estate may be hot property, but some parts are hotter than others.
Are you looking to cash in on workers commuting into Washington DC? In that case, look no further than its satellite towns like Leesburg and Alexandria.
2. Choose the Right Type of Virginia Property
An alternative to a traditional rental is purchasing a vacation home. This gives you more flexibility, and the chance to use it.
The problem is that you could have long, unoccupied periods. If you're thinking of investing in this kind of real estate, McGaheysville is perfect for capturing both the summer and winter markets.
Commercial real estate is also a great option, and with careful research should yield a reliable income. REIT is a hands-off way to invest in property that can yield great returns.
3. Think Long-term
If you're looking to invest in real estate to make fast money, think again.
This is an investment that requires a long-term approach to be successful. It's possible to find a great tenant and have few maintenance issues for years - every investor's dream.
But along the road, you're likely to have some bumpy years, with problem tenants and lots of property maintenance.
That's why you need to remember that you're in it for the long haul. This will help you to weather the bumps in the road and remember that at the end you will have a tangible asset, which should have increased in value.
4. Understand Landlord-Tenant Law
Landlord-tenant law is different in every state. If you're going to invest in Virginia real estate, you need to understand your rights and responsibilities.
If you working with a property management company, they can help you with this.
5. Work with a Property Management Company
Wherever you choose for your real estate investment, you need to manage your property well to turn a profit.
Working with a property management company has numerous advantages. From tenant screening to property maintenance, they're on it. They work hard on your behalf, helping you to invest in property the easy way.
Are You Ready to Invest in Virginia Property?
The Virginia property market offers lots of opportunities for savvy investors. These investors know that one thing you never leave to chance is property management. It saves you all the headaches and can make a big difference to your bottom line.
At Home River Group, our Northern Virginia Property Management team is ready and waiting to assist you with your property. We can also help you to calculate your return on investment with our free rental analysis.
Schedule a consultation today to see how we can help you achieve your Virginia real estate goals.