If you’re considering investing anywhere in the Seattle or King County area then you’re probably wondering is now the right time to invest? With booming prices, new buildings going up all over the county, and a higher demand for housing in other parts of the county, Issaquah might not seem like prime investment territory on a first look. On the other hand, prime location to both Seattle and busy industrial areas like Kirkland make Issaquah a little more attractive then you might think, especially with quickly rising costs of houses and rentals in both areas. Plus, with quality Issaquah property management companies in the area, you can safely invest without having to worry about commuting to your property.
Issaquah is uniquely positioned just 20 minutes from Seattle, and 20 minutes from Kirkland, (it is also almost exactly a 20 minute drive from the Microsoft Headquarters in Redmond to Main Street in Issaquah). The result is that Issaquah has a unique central location to pretty much everything, without being so close as to affect property cost or rental rates.
Property & Rental Cost
Issaquah also has a cost benefit over property in Seattle, Kirkland, and Redmond. With the average cost per square foot for a single-family home nearing $345 in Seattle, the average $221 rate in Issaquah looks a bit more attractive to potential investors. While this does mean slightly lower rental rates, it also means more cost effective. Because many Seattleites, and the many people working in the tech companies around Kirkland and Redmond are now looking for lower rates, you can benefit by offering slightly lower rent and marketing to people in busier areas looking for lower rent and more available housing.
While statistics are definitely pointing out that now is a good time to purchase property in the Issaquah area, you do have to be careful. Buying the first thing that pops up on the market won’t do you any favors, so try the following tips to choose and handle your property.
Compare your Options
Chances are that there is plenty of property on the market, and some of it is listed well below market price. The best places to find very cheap investment homes include foreclosures (you can find information at the City Hall and in the newspaper), property sold by the owner, and houses in need of work. While the latter might seem like too much trouble, many of them sell for as little as 1/4 of the value, which easily justifies dropping ten or twenty thousand on major repairs. Multi-families offer more value than condos and single-family homes, while apartment complexes offer the greatest potential ROI in the long run. However, the majority of opportunities in Issaquah are either single or multi-family homes.
Consider a Property Manager
If you don’t live within a twenty-minute drive, if you have a job, or if you are already quite busy, the best way to invest is to hire an Issaquah property management company. While there are pros and cons, the end result is that your property is managed, maintained, and marketed for you, so that you can get on with your busy schedule.
Get Everything Together First
If you’re really ready to take the plunge and invest in real estate then you want to make sure that you have everything lined up in advance. You need capital (typically a minimum of 20% of the cost of the property), a maintenance or construction crew depending on the condition of the house, and a good idea of laws, regulations, and requirements for rentals.
The discussion herein is of a general nature only and is not to be construed as specific legal advice, which requires the establishment of an attorney-client relationship and fee agreement. SJA Property Management does not provide legal services.