Bothell is a culturally rich and diverse city with prime access to nearby jobs and entertainment from Seattle, Kirkland, and Redmond, but it’s also a more open real estate market. For the beginning investor, Bothell presents a unique combination of lower real estate prices, high availability, and high demand, all of which combine into an ideal real estate investment market. Because Bothell is a mix of residential and commercial areas with everything from multi-million dollar mansions to apartment units available, beginning investors can also choose the type of real estate that best suits their budget. The following include tips for beginning investors on choosing property from local Bothell property management company Sterling Johnston & Associates.
Single Family Homes
For the beginning investor with low investment capital and the desire to start small, the single family home is often the best way to go. While the possibility of returns are often lower than those on a multi-family unit, investors can get started with as little as a quarter of the initial capital and then start making money. Most of Bothell includes residential areas where single family homes are available for purchase. Typically there are some 150-250 homes on the market depending on the exact date. Homes can be priced in the upper ranges near one million, but the savvy investor can shop around and find 3 and 4 bedroom homes for $250,000 or less by shopping for bank owned properties, foreclosures, and around the Everett Highway area.
Apartments, Condos & Multi-Family Homes
Apartments, Condos, and Multi-Family homes are slightly harder to shop for and do require that the investor have a good deal more capital than a single family home. however, as rental rates for a condo aren’t too much lower than those for a single family home, they offer the opportunity for the owner to get returns much more quickly. If the building includes 10 or more units, each one will likely cost under $100,000, and then rent for about half of what a single family home would. Multi-family units are the best investment for anyone who wants to start a business out of property investment and who has a larger amount of capital or who is investing with a partner. There are Condos and Apartments dispersed across most of Bothell, but the trick in this case is finding the entire building for sale. Options won’t always be available.
Commercial property is a great investment for anyone who wants to rent to shop owners and stores rather than to tenants. Commercial property has it’s pros and cons, especially depending on the size of the building and the number of units inside. Property values also vary. Thrashers Corner, North Creek, Country Village, Canyon Park, and the Business District on Main Street are all great places to look for commercial property investments.
The best way to choose property is to decide on your maximum spend, and then find property within that budget. The more units you can get within your budget, the better, just remember that location, amenities, and condition are also extremely important.
Contact Bothell Property Management today to find out how we can help you make your investment profitable.