Kirkland is well known as one of the largest cities in King County, and as such, is also one of the best places to invest. With a reputation for family friendly activities, clean, green streets, and a large job economy, making for a high demand for housing. As a result, Kirkland is a very good place for investors who want to purchase homes, condos, or commercial property to rent out. The following information from local Kirkland property management companies includes why Kirkland is a great place to invest, and how you can make your money back.
Family Friendly
With 28 schools in the area, one of the best park systems in Seattle, hiking and cycling trails, beachfront, and proximity to dozens of family friendly things to do, Kirkland is perfect for families. Its abundance of large, single family homes means that investments are high, but with rental rates hovering between $1,400 and $4,000 per month depending on the size of the home, it’s actually feasible to put a large investment sum into a single family home. This makes for plenty of amenities to market to potential tenants.
Plenty of Job Opportunities
With dozens of large-scale companies around the Kirkland, Woodinville, and Redmond areas, there is always a demand for housing, and a wide availability of jobs. This means that you can make money off of apartment complexes as well as single family homes, as companies around the area, including Microsoft, EverGreen Health, and Amazon’s headquarters are all located almost a stone’s throw away, making for plenty of singles and couples without children moving into the area for job opportunities. Apartments are also suitable for students in, or just graduating from, the multiple local colleges, and allow you to make your investment back more quickly, as you’ll be renting out more units at once, with a lower cost per unit.
Development Neighborhoods
Despite having a high demand for local housing and apartments, Kirkland still has a number of developing neighborhoods. Kingsgate is one of those, with everything from tiny homes to giant apartment complexes available, as well as open lots for developments, and new developments in the works. The area is also one of the most affordable in the Seattle area, making it a virtual sweet spot for investors, combining high-demand for housing with relatively lower cost for investment property. Usually, all of the neighborhoods east of the mall offer slightly lower pricing, have more developments, and more room for improvements, so if you’re on a budget, it’s a good place to start looking.
Investing in Kirkland can be a smart move, but with the high cost of real estate, it can be intimidating for new investors. For that reason, it is important to take your time, compare your options, and make the smartest investment possible with your money and investment capital.
Once you’ve invested, you can ensure that you get the highest returns possible by using a Kirkland property management service to ensure that your units are full, and that management, maintenance, and services are as cost effective as possible. If you want to know more, contact us for a quote on your property.