Property investment has typically been something that requires large amounts of capital, but small investors have always managed to get in the door, either with savings, or mortgages. In Bellevue, small investors now have a definite advantage, because while property prices are soaring, mortgage rates are at a low, making investment cheaper than ever. New research suggests that mortgage rates are at their lowest point ever, which is definitely big news for small investors. According to Bellevue property management specialists, this, combined with several other factors, makes for a prime investment market for smaller investors.
Rising Home Prices
While rising home prices in the Bellevue area does mean spending more money on an initial purchase, it also means several good things. The first benefit is that while prices are rising, they do not appear to be capping anytime soon. This means that property values should continue to go up or at least stabilize after your purchase. Any purchased property is an asset that can be sold for a potential profit down the road. In addition, rising home value means higher rental rates, which means that you can make up the difference in the purchase price with rent money. This is definitely ideal any way you look at it.
Rising Demand
The Seattle area has been in the middle of a boom for the past few years, and it’s not slowing down anytime soon. With rapidly expanding large tech companies in Kirkland, Woodland, and Redmond, there are plenty of jobs, and many of them are bringing in experts from around the country. This means a higher demand for housing, which makes it very easy to fill units and start making money on your investment.
More Renters
With most of the younger generation of Americans renting homes rather than buying them, the market is prime for offering home rentals. While reasons vary from high initial cost of purchasing a home to the renters being unsure of whether or not they want to live in the area, it definitely makes for a high demand rental market in the Bellevue area.
Property Managers Available
Even if you don’t live right in Bellevue, you can still make money off of property investments in the area. Bellevue property managers offer low cost management services that include marketing, screening, maintenance, emergency services, and rent collection, which means that all you have to do to make money off of an investment is make the purchase and find a property manager you like.
There are plenty of reasons for investors of all sizes to get involved with property, and numerous new foreign investments in the Puget Sound area is definite proof that the areas boom is looking good for landlords and renters. For small scale investors who want to purchase a single family, or a small multi-family home, the benefits are there on a smaller scale, but definitely still there. With low mortgage rates, high rental rates, and plenty of demand, it’s the best market to create a passive source of income.