Whether you own property, or are looking to invest in something new, renting out a house or apartment in Woodinville can be an extremely profitable business. With plenty of local jobs from the nearby cities of Redmond, Kirkland and Seattle, multiple schools, and attractions in the form of wineries, and of course the Sammamish River waterfront, the city is an attractive place to live. Woodinville has the benefit of having a small town feel while still being close to Seattle and other employment centers. Potential investors have to choose the type property to purchase and how much they want to invest. For those looking for help managing their new real estate investment, SJA Property Management offers professional Woodinville property management services. The following information is designed to help you with your investment, but if you want to know more, feel free to call us at 425.285.1324 to talk to one of our property management professionals.
Where to Invest in Woodinville
Woodinville includes plenty of neighborhoods where you can choose to invest, however, each area has its own pros and cons. West and East Wellington are excellent investment areas for anyone in search of single-family homes and condominiums. Woodinville Heights offers more in the way of multi-family homes and apartment complexes, as well as single-family homes, and has the advantage of being near the city center, making it easier to rent out units. Cottage Lake and Hollywood Hill are also desirable locations given their proximity to Wine Country and 522. Buyers should evaluate each property for maintenance needed, potential rental income, and how easy the property will be to keep occupied. This will all we weighed against the cost to acquire and hold the property.
What Makes a Good Investment
While many people know how much they have to invest, or how much they want to invest, it is often difficult to decide if it is a good investment. Property prices vary, although most buyers should determine how much they can afford to spend based on how much they have to spend, as well as the potential income of the property. A single family home with a monthly income of $2,100, selling at the median price of $555,228 would take over 26 months of tenancy to pay off before considering bills, repairs, maintenance, and other fees, essentially meaning that it could take some four years to pay off. A complex with more units might cost more money, but because each unit is typically 1/4 of the cost, buyers can make up the differences much more quickly. Most buyers can evaluate property for value, potential rent rates, and then choose a unit accordingly. Most lenders expect an average of 20% down, so it is important to keep in mind that you most likely need$ 60-100,000 in order to start off your investment.
Hiring a Professional Woodinville Property Management Company
While some landlords choose to manage their own property, the majority look to professional Woodinville property management companies like SJA Property, Johnston Property Management. This is because we handle all of the time consuming details of managing rental property including advertising for tenants to fill units, screening tenants, drawing out paperwork and leasing contracts, dealing with maintenance, collecting rent, handling repairs, and dealing with tenant issues. The result is that the property owner gets a much better experience, as they do not have to spend valuable time learning real estate law, drawing forms, or responding to tenants. Essentially, while hiring a Woodinville property Management Company does cost you some of your earnings; it reduces hassle and stress, reduces your liability and makes property investment easier and more fun. In addition, often times a property manager can significantly reduce your vacancy rate, thereby increasing your investments overall return, when compared to self-management
If you’re thinking about investing in Woodinville real estate then consider calling the professionals at SJA Property Management to see what we can do for you. A consultation with one of our professionals is fast, free, and no-obligation, so you can get the information you need. Interested? Call us at 425.658.1920