As one of the healthiest cities in the Puget Sound area, Bothell, Washington is the perfect place to live and or invest. The area is known for its diversity of shops, markets, and events, as well as its bustling job market with nearby tech giants like Intel, Microsoft, Google, and Zynga. Bothell property is a great option for investors of all sizes and risk tolerances, but can be difficult without a strong knowledge of the local market, local real estate laws, and resources. Partnering with a professional property management company that has knowledge of the area can greatly increase your overall profits and limit your risks as a landlord. If you want to know more about our Bothell property management services which include tenant screening, marketing, advertising, maintenance, property inspections, accounting, and handling tenant complaints, give us a call at 425.285.1324.
Buying Investment Property in Bothell
Bothell, Washington offers a diverse range of commercial and residential investment opportunities for buyers. The median price for homes in the Bothell market is $429,600, although prices vary depending on the neighborhood and condition of the home. Townhouses and condominiums sell for less, which can make them better investment choices for investors with lower cash reserves. Researching the area before buying ensures that you purchase the right property for the area. For example, Canyon Creek offers two elementary schools and is likely to appeal to families, while Riverfront is central to the Sammamish River Park, and the local senior center.
The Bothell area also includes a variety of entertainment opportunities including several retail districts, (Thrashers Corner and Country Village), a theater, multiple civic events throughout the year, and several local restaurants and café’s specializing in many culturally diverse cuisines. The city’s robust school district and diverse entertainment opportunities are a huge draw for families. Bothell is especially appealing to those looking for work at one of the cities many local biotech or tech companies, who actively invest in and employ from the area. Because of these factors, property is greatly in demand and rental prices are high.
Average Rent Rate in Bothell, Washington
4 bed/2 bath, 2,500 square foot single family home – $2,000 – $2,650 depending on location
2 bed/2 bath 1,000-1500 square foot condo – $1,200 – $1,700 depending on location
Managing Rental Property in Bothell, Washington
Bothell supports a complex system of city laws designed to protect tenants, but it does make your job as a landlord more difficult. For property owners who do not live in the area, or who do not have the relevant experience, the best way to go is to hire a professional local property management company. Other options include taking property management classes at University of Washington: Bothell or joining the Rental Association of Puget Sound for tips and advice from other renters. It is also essential to familiarize yourself with Washington’s Landlord Tenant Law (Chapter 59.18 RCW) before renting out property.
Hiring a professional is an easy way to support and protect your property’s revenue by keeping units filled and tenants happy. A professional Bothell property manager also handles the details such as paperwork, rent collection, emergency repairs, and screening, so that you do not have to. Want to know more? Call us at 425.658.1920 for a free consultation