Property Management for Single-Family Home
There is no denying that the Denver Real Estate market is growing rapidly and extremely competitive for investors. With the influx of not only tourists but transplants moving from out of state looking for housing in the form of affordable rentals, the time could not be better to invest in a Single Family Home. Rentals are quickly growing in popularity as more and more people opt to rent a home instead of dealing with the hassle and high cost of ownership. With this trend continuing in 2017, single family homes are gaining a sizable amount of traction in the market.
Single Family Homes can take shape in a couple of different ways. The first form of a single family home would be a detached building on a larger residence, the small house would be considered the single family home and the larger house would be considered the multi family dwelling. The second form would be a small home anywhere from 1 - 3 bedrooms built on it’s own parcel of land. In the Denver housing market, both forms are fairly common and they are built as an investment opportunity and an entry level option for first time buyers.
If you are planning on buying an investment home in Denver, there are a few important details to consider before you pull the trigger. In the rental market, we are seeing low vacancy numbers, meaning more renters are deciding to stay put rather than chance it trying to find something different. This is great for you as an investor, but we are also seeing a decrease in the inventory of houses to buy in Denver, so an affordable single family home is becoming increasingly elusive. This creates an unfortunate loop, where there is a huge number of people looking to invest in new property and there is not enough property coming into the market to satisfy the demand.
Strategies for Finding Investment Property
It is most definitely not an impossible task to find the perfect investment property, it will just take some more strategy and planning to pull it off. One of those strategies would be to wait until there is a lull in the market when buying and selling ebbs off, which typically happens anywhere from once to a few times a year. Since the market is so hot, it will take diligent checking of real estate inventory levels to recognize when one of these lulls is actively happening.
Beyond anything else discussed above, the most important piece of advice we can give you is to appreciate what you can afford. It doesn’t matter if you have a massive budget or modest nest egg, once you find an investment property in Denver there are most likely going to be things you will have to compromise on such as, size, condition, and location. Once all that paperwork is complete and you are enjoying the new property, it would be great time time to consider who will manage that property once you are leasing to tenants. That is where High Point property management comes in. We work with Real Estate investors every day, and will partner with our incredible vendors to make sure your property is immaculate.