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The Ashburn population is projected to grow about 2% per year. That may not sound like a big percentage, but those are going to be hundreds of people who are going to be looking for places to live in one Northern Virginia area alone.
This means that now is a great time to get into the real estate investing game.
But how do you go about it? We're here to help. Read on for a few quick tips for real estate investing in Northern Virginia.
Become Familiar With the Neighborhoods
If you're not already well-acquainted with your Northern Virginia city (or the one you're buying an investment property in), you need to familiarize yourself with all of the neighborhoods within it before you buy.
Different neighborhoods have different types of renters, different standards for what homes need to look like, and different price points. You don't have to find an investment property in the "best neighborhood," but you do need to know what you're getting yourself into.
Take a look at crime rates, walkability scores, local schools, and amenities that each neighborhood has to offer. This will help you when you buy your property and when you're trying to find renters.
Know Your Budget
How much are you willing to spend on your real estate investments?
Many people think that they can spend all of their budget on a property and start renting right away. This is possible if you buy a turnkey property (to some extent), but it's not the best idea.
Others buy a "fixer-upper" due to the low cost and plan on fixing it, but they underestimate the cost of repairs.
You need to make a budget and understand where that budget is going. Some will go directly to the purchase of the property, some will go to repairs and renovations, you'll need some for marketing and maintenance, and so on.
It may be helpful to work with a financial advisor.
Make Reasonable Renovations
Not all renovations are wise ones. If the investment property you purchased needs some upgrades, you're responsible for them (especially if they're necessary repairs), but you don't have to go overboard.
Look at the other properties in the area. What do they have that your property doesn't?
You may want to add new appliances, like a dishwasher or a newer stove. You'll likely want to paint the walls and replace the flooring. You could also add extra things, like a nice patio area.
Consider the cost of renovations vs. the rent that you plan on charging to decide what's reasonable.
Consider Hiring a Property Manager
Some people love the idea of being a landlord and managing a property on their own. If you're someone who prefers the hands-on approach, that's great!
It can get difficult, however, especially if you own multiple properties.
Working with a property management company can help you save time and make the most of your investment. They can help you with marketing, tenant screening, and more.
Start Your Real Estate Investing Journey
Real estate investing in Northern Virginia can be incredibly profitable. Make sure you start off on the right foot by keeping these tips in mind. Do your research on locations, budget well, make reasonable renovations, and consider hiring a property manager.
Speaking of property managers, if you're looking for full-service property management, we've got you covered. Contact us or get your free rental analysis today.
