If you’re considering either starting out with real estate investment or expanding, you have to know a great location to buy property in. This is a profile of Redmond, Washington for property managers, landlords and investors who want to know more about the area before spending their time and money on the property.
Redmond, Washington is home to roughly 55,000 people and a median income of $65,000 to $78,000 per year. The city is most well known for being home to Microsoft who provide a wide variety of high paying jobs to the area. The city was named as the top five places to live by CNN in 2012, and is still a very pleasant, rapidly growing area. The city is also quite beautiful with signature parks including the Marymoor which is one of the most popular in the county, as well as multiple trails for hiking, biking, and walking. Redmond’s culture is just as rich with a yearly ‘Redmond Derby Days’ Festival, regular concert events, and multiple attractions and landmarks for children and adults alike.
Choosing Property to Invest In
Any Redmond property manager could easily see that a condo or home is one of the best things to invest in for the Redmond area. Microsoft employs some 94,000 people, many of which must come in from other parts of Seattle. Housing in the area often rents high and often to families with very local jobs, meaning that homes and apartment units are a solid investment. However, it is not a good idea to discount Redmond commercial units because there is an increasingly high demand for local boutiques and especially small cafes and restaurants. Because these sort of buildings might be initially more expensive than a home depending on their size and the number of units, it is always important to be careful with a commercial investment.
Investing in Redmond Property
Investing in Redmond property should take time, patience, and investigation. While Redmond is a great place to work and live, property values run high which means that it can be many years before you see a return. Purchasing the wrong property or investing too much in a single unit can be a costly mistake so make sure that you visit the area, look around, and settle on a good investment. Most property managers in Redmond recommend that you look at multiple properties before making a purchase.
Right now Redmond, like most of Seattle, has very little property available so it may be necessary to purchase quickly after finding the deal. Great investment ideas include property that must be fixed up or repaired as it is less likely to sell quickly, and more likely to sell for a bargain. Another crucial Redmond property management tip is to look around and check the prices that other similar properties in the area are renting for. If rental is relatively low it may not be a good area to invest in and vice versa.
Want more help with investing in Redmond property? Contact SJA Property Management to learn more about our property management services in Redmond.