Investing in Sammamish real estate is a smart move for anyone with the investment capital to spare, but it can often be difficult to keep up with the day-to-day details of changing rent rates, tenants, and paperwork. Whether you currently own, or are looking to purchase, investment property in the Sammamish area, we can help. In fact, our Sammamish property management services will help you make the most of your new investment. If you want to know more, or want a free consultation, call us at 425.285.1324.
Sammamish Local Profile
Sammamish is home to 45,780 people, and stands out for it’s many lakeside homes, nearby access to jobs and industry through Redmond and Kirkland, and many parks and recreational opportunities. Like other Seattle suburbs, Sammamish is a popular place to live, and has been named among the best places to live in the United States. With a range of parks, recreation, arts, and festivals throughout the year, the city also has plenty to offer for everyone.
Neighborhoods – Sammamish is home to 37 neighborhoods, many of which embrace urban and countryside living, offering a mix of purely residential, lakeside, and downtown opportunities. Sammamish is home to urban sophisticates, and homes are often large, cater to those with a larger income, and who may or may not have children. Most residents are highly educated professionals, working at nearby tech corporations in Redmond, Kirkland, and Issaquah. Most of Sammamish’s neighborhoods are around 30 minutes from the nearest of these areas, so highlighting public transport near your home is important, which you can find using the King County Trip Planner, or individual maps from the many transit centers which service the area.
Education – Sammamish is divided between the Lake Washington School District and the Issaquah School District, which you can check using the official city district map here. Sammamish is nearby 21 preschools, 11 elementary schools, 10 middle schools, and 3 high schools, 21 of which are private. A local YMCA, and multiple nearby community colleges also offer educational opportunities.
Parks & Trails – With 11 parks and 7 trail systems, Sammamish has a lot to offer for families and hikers alike. The parks and trails are set up to offer scenic views of the city, the lakeside, and the local wildlife, and often integrate activities and sports. The local Sammamish Walks offers guided tours, trail and park maps, and much more.
Buying Investment Property in Sammamish, Washington
The first step to investing in Sammamish property is to find and buy it. Depending on the current state of the market, this can be easy or difficult, but you have to choose a home or unit based on location, features, and eventual return on investment. With three lakes, five parks, and two school districts in the area, there is plenty in Sammamish to make renting property attractive, but as a general rule, lakefront property tends to be the most valuable. In addition, there are four local bus routes that go to Seattle and surrounding Redmond and Kirkland areas, which are perfect for commuters heading to work in other parts of King County.
Sammamish is extremely family friendly, so most of your investments should be family size homes. In fact, in 2012, Sammamish was named the Friendliest Place to Live by Forbes. Choosing a rental property should depend on your budget, how much you can pay off, and whether or not you can make a profit on the property. For small investors, it is typically easier to purchase a single family home or condominium, whereas large investors are better off going with multi-family homes that provide more income each month. There are plenty of lenders and credit unions available to help investors who don’t have the cash to buy Sammamish property outright, meaning that so long as the property will be profitable, buyers can invest.
Average Rent Rates in Sammamish
Rent rates in Sammamish vary depending on the property type and the year, but most real estate investors can expect the following:
4 bed/2 bath, 2,500 square foot single family home- $2,400 – $3,000 per month
2 bed/2 bath 1,000 square foot single family condo -$1,200 – $1,550 per month
Managing Rental Property in Sammamish
Managing your property involves staying on top of the day-to-day details of being a landlord including finding and screening tenants, drawing up paperwork, and handling complaints, maintenance, and repair. While not everyone is cut out to be, or wants to be, a landlord, you can start by brushing up on Washington’s Landlord Tenant Law (Chapter 59.18 RCW) and potentially joining organizations like the Rental Housing Association of Puget Sound. Legally, you have to learn the majority of the Revised Landlord Tenant Act, as well as associated paperwork, and basic safety regulations.
Many people choose to hire a Sammamish property management company like SJA Property Johnston Property Management instead of doing the work themselves, mainly because as professionals, we can save you time and money by managing your property more effectively. Depending on how much free time you have and how good you are with advertising, paperwork, and real estate law, this may or may not be the right decision for you.
While hiring a Sammamish property manager does cost you money, it also saves you the time, reduces your liability and takes the stress out of owing investment properties. A professional property manager like SJA Property Management can also help you keep your vacancy rate low. Over time this factor alone may actually end up saving you more money than managing the home yourself. If you want to know more about what we can do for you, call us at 425.658.1920 to get a free consultation.
Or check these helpful links for more information
Revised Residential Landlord-Tenant Act – Chapter 59.18 RCW
Sammamish City Resources