Chesapeake | Norfolk | Suffolk | Portsmouth | Virginia Beach
If you’re like most people, you probably think that you have a pretty diversified financial portfolio already. It’s likely that you have some CD’s at a bank, have invested in some stocks that you like, probably have a 401K plan, as well as some savings bonds. While these are all good investments, there’s something else you should consider. Now is a really good time to add an investment property to your portfolio whether it be here in Norfolk, Virginia Beach, Suffolk, Portsmouth, Chesapeake or beyond our local area. It might be your favorite investment.
The great thing about investing in property is that, as long as you keep up on your mortgage payments, you don’t have to worry about losing your investment the way you do when you buy stocks. No matter what happens, no matter how bad the economy gets, you’ll still own your property.
Another great thing about buying real estate in Norfolk, Virginia Beach, Suffolk, Chesapeake or Portsmouth is that it’s a tangible use of your money. It’s difficult to get excited about stock and CD’s because you don’t actually see them. But a property you do. Not only do you have something you can see, it’s something you’ll be able to enjoy. You’ll be able to go to Virginia Beach or Norfolk and enjoy the sun and the sea whenever you like. Since you already own a home there you won’t have to worry about the expense or hassle of getting a hotel room or crashing with friends.
You could choose to hang onto the property in Virginia Beach, to use it as place of your to crash when you visit the east coast, and sell it at a profit when the housing market starts to get better, or you could start using the property to earn money right now. It doesn’t take much to turn a good piece of property, especially one with a high walkability score into a great rental property. As long as you’re careful about who you rent to, you’ll be able to count on a monthly rent check. This works best when you find someone who will pay on time and who will also be willing to do basic repairs and upkeep in exchange for a slight deduction in rent. The Virginia Beach/Norfolk area has really started to grow and lots of people are looking for a good place to rent.
If you want to be able to get some personal use out of your investment property, but also want to start earning some money right now, you should look into using it as a vacation property. There’s always something going on in the area and lots of people, especially if they’re traveling in a group of friends or with family prefer staying in a house over a hotel. When you do this you will have to enlist a property management company to help you with general up keep.
When you decide to use your home as a vacation rental, you’ll want to choose a place that provides easy access to regular concert/festival venues or is close to the beach.
Don is someone that truly cares about people. He absolutely will make sure that everything you need, whether buying or selling, is taken care of! He’s a wonderful man and a fantastic real estate agent!
~ Brandi, Real Estate Friend