Virginia Beach is an independent city located in the South Hampton Roads area of Virginia, on the shores of the Chesapeake Bay and the Atlantic Ocean. It is the most populous city in Virginia and the 41st largest city in the United States, with an estimated population of 435,619 in 2006.
Investing In Virginia Beach Rental Property
July 1st, 2009 by Dave MacklinIf you are thinking of buying Virginia Beach real estate and making it a rental property, there are a number of things to consider when choosing the property:
1. Location
If you will be renting to a year ‘round tenant, look for a property convenient to major employers, schools, shopping facilities, transportation. If the property will be a vacation property, you will want to be near major tourist attractions such as the Virginia Beach Oceanfront.
2. Price
If you hope the rental income will be more than the cost of the monthly mortgage, insurance and taxes on the home, you should be careful to invest no more per month than the local rental market can bear. If your goal for rental income is to “break even” or even to have a negative cash flow, price becomes somewhat less important.
3. Resale
Consider the long-term resale value of the property. If you buy in a fast growing area, the resale value will be greater further down the road. If you buy is a slow growth area, your resale value will be less, but there may be a better rental market. When buying Virginia Beach real estate, you want to consider how long the tourist season is. Virginia Beach has year round activities to attract annual renters, but has a definite ’summer’ season for vacation renters.
4. Neighboring homes
Are the neighboring homes well-maintained? If not, they will drive down your property values.
5. Solid construction
Look for solid construction. Tenants tend to put more wear and tear on a home than owners. Find a low-maintenance property suitable for renters. For example, white carpeting will have a much shorter life than something more neutral.
6. Do it yourself
If you live nearby, it can be relatively simple to stay in touch with tenants, and to keep an eye on your investment. If you lack the time, or your property is some distance away, you may wish to work with a property management firm. The Butler Team has years of experience in property management. Give us a call. We are glad to help.
Learn more about Virginia Beach real estate by visiting ButlerTeamHomes.com.
This site is proudly sponsored by