Purchasing a multi-unit property is an assured investment that promises a constant return on investment. It is one of the smartest ways to build wealth and also a safer route to financial freedom. In Washington, DC, it is easy to purchase multi-unit properties.
If you take a drive around five neighborhoods in Washington, DC, you are sure to find six properties for lease per district, and with the ‘for sale’ stickers, you are sure to identify them at a glance.
Purchasing a multi-unit property for several families to dwell in is an excellent way to begin as a real estate investor; many people have kicked off their careers from the same point. But in Washington, DC, a highly cultural and diverse state with Museums and monuments, things are a bit different. Whether you are an experienced real estate investor or a first-timer looking to purchase your first multi-unit property in Washington, DC, there are five things you need to know:
Washington DC’s Deep History
Regardless of wherever you wish to purchase a house, duplex, quadruplexes, multi-unit, or even a land, you must do a swift but well-detailed background of the area’s history. This gives you a better insight into the kind of neighborhood you are purchasing your property in.
Focusing on Washington, DC, it is crucial to note that some structures such as the William Brown Household historical values were built on the core of politics during the Civil War Era. Therefore, you must understand the neighborhood you wish to purchase your multi-unit properties, its socioeconomic status, and the people.
Washington, DC’s housing market
According to Zillow, just in 2018, home prices in Washington, DC rose by 11.5%. In 2019, there was a 6.1% increase with the median price of a D.C home totaling $621,000. The demand for homes in DC appears to increase every year. You must purchase your multi-unit property as soon as you can.
Follow The Builders
With the increase in demands for houses, it is only right that new homes will be built. The builders are the ones to follow. Why? For one, they work round the clock, stay updated, and have a better knowledge of the city. Two; builders know the next residential area to boom.
Costs and Expenses
Owning a multi-unit property will yield profit and good returns. But first, you must consider the expenses and costs of maintenance. Washington is ranked as part of the top two states in the United States; housing prices are undoubtedly high. Do a well-detailed calculation of expenses and costs.
Choose The Right Tenants
You cannot go wrong with the tenants; they have to be spot on. Remember, you are purchasing a multi-unit property with separate utilities for more than two tenants. Don’t think about the immediate income, and don’t be in haste to choose renters. Be choosy. Ensure they have no criminal record, no bad habits you don’t conform with, and that they are neat and friendly. Also, go through their history of rent.
Let The DC Team at Long & Foster Real Estate Make Your Property Buying Process Seamless
Having experienced realtors when you’re trying to buy any property, let you get the best deals and remove the stress for the process. Let’s help you buy your next property with ease. Talk to us.