5 Things You Need To Know Before Investing In Today’s Northern Virginia Real Estate Market
Northern Virginia is one of the prime locations surrounding D.C. where investors choose to put their Real Estate investing money to work. Why is this such a popular area? The main answer, aside from the beauty of Northern VA, is the fantastic location in relation to Washington D.C Metro. While investing in Virginia based properties, there are a few things you must know before you get started. There is always room for error if you don’t fully understand the market. The following are 5 things you should know before moving ahead with your investing plans.
Number 1: Extra Costs
When you choose to invest in real estate, even in a place as popular as Northern VA, you have to be ready to invest additional money for unexpected repairs. You also have to take into consideration any length of time that the property is potentially vacant. You want to do your best to ensure that you’ve purchased a prime piece of property so that there are very little repairs needed and rarely any vacancy.
Number 2: Know All the Details
You don’t want to purchase real estate without going over all the details with a fine toothed comb. Aside from the obvious, you should also find out all about the neighborhood, the estimated time it takes for other properties in the area to be filled, the history of the property, etc.
Number 3: What’s Your Goal?
Before you even begin looking you need to set goals. Do you want to turn this into your sole income or is this a supplement to your income? Do you want to rent your property as a vacation getaway or full-time rental? Be certain what you want and the rest will be a lot easier.
Number 4: Who Will Manage Your Property?
When you invest in property, you are responsible for keeping it up. Will you be doing this yourself or would it be better to hire a professional to take over? While you may save money by doing it all on your own, in the long run you will likely save more time and money handing over property management to a reputable company.
Number 5: Tenants
Who will fill your investment? Is there a specific type of tenant you have in mind? Of course there are things you aren’t allowed to take into consideration, so know the laws concerning property renting. This will keep you on the safe track.