So, you’ve decided on buying rental property in Washington DC? Congratulations, this is a giant step! However, there are some things you have to know before you decide to buy a home in our capital. So, without further ado, let’s begin!
Washington DC is a beautiful and historically important place
Yes, we all know that Washington DC is important. It is the capital of the richest country on the planet! This can be seen everywhere you turn in the city. From the White House and Capitol to numerous historic parks and statues, Washington DC has it all. If you decide to live there, you’ll be in one of the most wonderful and important cities today. Reliable moving professionals will handle the job easily if you decide to move to Washington DC. If you are satisfied with the service, you could also recommend your tenants to hire the same movers as you did.
There are a lot of things to do and visit in Washinton DC. Even though it is a relatively small city in the US, it is full of wonderful things. This means that living in Washington DC is not cheap, but many people are ready to pay the price just so they can live in one of the best cities in the US.
Prices of rental property are on the rise
Our friends from Excalibur Moving and Storage tell us that the rental property in Wahington DC is more and more popular. This means that prices are going up. This is both good and bad, depending on your investment strategy. If you are a low-risk investor, it might be smart to wait for the price to drop. However, nothing in the investing world is certain. No one is going to guarantee that the prices are going to rise again.
On the other hand, sometimes it’s smart to follow real estate trends. By buying a rental property when prices are on the rise, you can expect that the rent is going to go up.
Whatever kind of investor you are, you have to know that at the moment the price of real estate in Washington DC is on the rise. Do with that information what you think is the best.
Should you buy a rental property in a new or an old building
Not every investor is ready to renovate old apartments and put them on the market. However, if you have the time and energy, buying an old property might be the wisest option if you can renovate it. The old property is almost always going to be cheaper than the new one if all other parameters are the same. However, some people insist on living in an antique build and are ready to pay a higher price just so they can experience an old version of Washington DC.
On the other hand, older buildings can sometimes lack space. In that case, you could suggest your tenant space for all extra items. There are some good storage facilities in the area, and they are not that expensive.
You have to choose your tenants
Choosing a tenant is the most important part of renting a rental property. Your tenant has to fit the following criteria:
- A tenant has to have a stable income.
- He mustn’t engage in destructive behavior, at least when he is on your property.
- Is friendly and easy to work with.
- Agrees to your conditions on pets, smoking, etc.