Are you contemplating buying an investment property in Marietta, GA?
Investing in the rental property market is a great way to earn passive income and create lasting wealth for yourself and your loved ones. A number of real estate markets across the country have been experiencing exponential growth and Marietta sits squarely among them. This can be attributed to its attractiveness as both a place to work and live.
The rental market in Marietta is known for its far-reaching potential. Some of the reasons why investing in Marietta is a good idea include its high economic performance, the high demand for rentals, the exemplary healthcare standards and its amazing neighborhoods. The quality of life in this city is also rated highly on a national scale.
Before investing in property, however, you need to clearly understand what to expect. Market research plays a vital role in bridging the gap in information and helping investors understand exactly what they’re getting themselves into. This is why the professionals at Vineyard Property Management have prepared a review of the rental market in Marietta.
In this article, we will take a look at some of the details of buying an investment property in Marietta. Follow these recommendations to attain positive results in your rental property investment.
The Real Property Market in Marietta
The property market in this city has been experiencing tremendous growth with a consistent increase in housing prices. Rent prices have also been on a similar upward trend, representing a high demand for properties in the area.
For a greater part of the last decade, property owners and investors in Marietta have been reaping the benefits of the upsurge in housing prices. The growth in property values and the high returns on investment has resulted in greater interest from buyers. As such, Marietta has become a popular destination for investors seeking to acquire a rental property.
Tips for Investing in Marietta Real Estate
Tip #1: Purchase Property in a High-rent Neighborhood
The main purpose of investing in property is to earn passive income and expand your wealth. The best way to do this is by identifying the neighborhoods that will provide the best return on investment. Buying in a high-rent neighborhood will provide you with enough income to cover the expenses, pay off your debts and leave you with some additional funds to spend.
To find the desired amount of rent, you first need to calculate the total cost of running the property. This figure should include the upfront costs of a rental property as well as other costs such as property renovations. You can then compare these costs with the expected income to achieve a balance that works best for you.
Tip #2: Find the Most Suitable Neighborhood
You need to understand the trends and patterns of that specific neighborhood so as to predict whether it will experience growth in the future. You can find some useful information on this by doing a little research on the internet.
Some of the key factors to consider include the planned developments, the levels of employment and the change in property values.
Tip #3: Select a Property That is Within Your Price Range
Investors need to be able to identify the price points at which they are willing to buy. There are a great number of properties in Marietta that range from single-family homes, apartments and condos to large properties such as mansions. Each of these properties comes at a price and an investor needs to decide on how much they’re willing to spend to acquire them.
By being clear on what you can afford, you can effectively narrow down your options and find the most suitable investment. You should also factor in other expenses such as taxes, professional fees and even the Homeowners Association fees. Taxes and fees associated with the transaction often add up to a significant amount.
Tip #4: Evaluate the Different Scenarios
Before making any purchases, you should explore the different financial variations to know all the possible returns you might receive. These calculations will give you a clear picture of what to expect when you buy rental property in Marietta.
It’s wise to have a conservative approach with your income projections. If you become overly positive with your projections, you might end up being disappointed if the investment does not perform as expected. Alternatively, you might be pleasantly surprised if the property outperforms your initial projections.
Tip #5: Improve Your Property’s Appeal
After you close on the deal, it’s practical to spend some extra time making your property as attractive as possible. The main goal is to make it presentable to prospective tenants so as to fill any vacancies as quickly as possible. Some of the ways you to achieve this include:
- Applying a fresh coat of paint. Fresh paint has a way of making a property look new and this appeals to the prospects.
- Landscaping the property. Landscaping improves your property’s curb appeal and it provides a good first impression. In doing so, it captures the interest of passers-by thus giving you a better chance of receiving tenancy applications.
- Installing new fixtures and appliances. Changing the housing components can create a completely different feel and make it more attractive.
Tip #6: Hire a Property Manager
Whether you’re a resident of the city or an outside investor, you stand to benefit immensely from the services of a property manager. Taking care of a property can sometimes be an overwhelming task and a professional management service can help to lighten the load. The property manager will also ensure that your Marietta property remains up to standard.
A reputable property management company will handle all the important aspects relating to your property. Some of the services include rent collection, repairs and maintenance, marketing and tenant relations. These services are vital in improving your property’s value and safeguarding its condition.
In a Nutshell: Real Estate Investing Tips in Marietta
If you’d like to invest in Marietta real estate, it is essential that you follow the tips mentioned above. Make sure that you find a property in a high-rent neighborhood that is within your budget. You should also estimate the financial projections to find out if the property will meet your investment goals.
In addition, you should consider hiring a dependable property manager. Here at Vineyard Property Management, we offer full-service management to achieve your property’s best potential. Connect with us today to find out how we can help you on your property investment journey.