If you are looking to add to your current portfolio by investing in a more exclusive Maryland town to secure a better financial future for yourself, consider purchasing rental properties in Havre de Grace.
Havre de Grace, touted as one of America’s best small towns to visit by Smithsonian Magazine in 2014, has an equally strong attraction for its current residents.
Although there are only approximately 12,000 people living in Havre de Grace right now, new suburban developments made over the past decade have encouraged middle- to upper-class Maryland residents to settle down there.
As a second home to many wealthy or retired people, this small town is experiencing a moderate but steady growth as far as housing developments are concerned.
Upscale homes are being built on annexed land to cater to the elite population looking for vacation homes on the Chesapeake Bay or a retirement destination home.
Benefits of Owning an Investment Property in Havre de Grace, MD
Owning a rental property has many benefits, especially in the long run. Let’s take a look at some of the top reasons you should invest in a town such as Havre de Grace, Maryland:
Increased Income
Purchasing a ritzy vacation home on the Chesapeake Bay or a well-to-do retirement home will not only help you secure a long-term tenant but will supplement your current income by hundreds or even thousands of dollars. This positive cash flow will allow you to pay off your mortgage early and possibly allow you to invest in more Havre de Grace properties in the future.
Low Risk Investment
Unlike high risk investments such as stocks, bonds, and retirement accounts, real estate investments are relatively low risk. With a rental property you have a tangible asset that will appreciate over time and generate income for you on a regular basis. Returns can be as high as 8-10% annually, giving you the confidence that your financial future is safe.
Tax Incentives
Investing in real estate offers property owners an array of tax incentives and deductions each taxable year. Writing off things such as mortgage payments, expenses, maintenance supplies and repairs, and sometimes even travel expenses, will help boost your primary income. Since most of your investment can be written off in some way, there really is no other outcome but to come out financially positive at the end of the year.
Benefits of Owning an Investment Property in Havre de Grace, MD
Benefits of Hiring Professional Property Management in Havre de Grace, MD
After investing in the perfect rental property in Havre de Grace, you must ask yourself if you are prepared to handle the management of that property on your own.
While it is definitely a possibility to manage your own investment, it is not always advisable.
There are a lot of things to take care of when it comes to renting out real estate, things you may be ill prepared to handle. That is where a professional property management company in Harford County comes into play.
Here are some of the benefits you can expect to reap should you choose to hire a management company to take of your Havre de Grace rental property for you:
- There are a number of resources management companies have access to that you may not on your own. For instance, property management teams conduct marketing on many platforms when it comes to placing the right tenant in your home. They also have staff that is knowledgeable about state and local laws that will apply to you and your rental properties that if not handled properly could cause many issues.
- Allowing a property management company to thoroughly screen all of your potential tenants will prevent problem tenants from being placed in your rental. The ability to spot issues before they happen will ensure your tenants will be the types that pay rent on time and care for your property.
- By using a property management company to handle the details of leasing out your property, you retain freedom to do other things in your life. Whether that is to invest in more properties, attend to other employment opportunities, or just enjoy time with your family and friends, you will have that luxury when someone else manages your property for you.
- Maintenance will be taken care of in a professional and cost effective way. A quality property management group will have access to trusted contractors as well as have an in-house staff for things such as rental preparations, maintenance issues, and major property damage.
By taking advantage of the things a good property management company has to offer not only will your Havre de Grace tenants be satisfied and tend to renew their leases each term, you will become a successful landlord.
Why Choose Bay Property Management Group?
Bay Property Management Group Harford County is a full-service property management company with a strong presence in Havre de Grace. With an experienced staff knowledgeable about all things property management, Bay Property Management Group offers a customer-service oriented approach to managing properties. As a landlord, should you choose Bay Property Management Group to handle your rental investments, you will come to expect:
- Routine inspections and walk-throughs to ensure your property is being well cared for. There are detailed checklists that are applied at each move-in and photograph logs to refer to at the end of each lease term.
- Aggressive marketing so that your properties are never vacant for long. In fact, Bay Property Management Group takes pride in being able to rent out any home in approximately 30 days or less.
- Handling of all legal matters regardless of the situation. Bay Property Management Group understands that sometimes tenants will have legal complaints, break their lease agreements, or even warrant an eviction. You can feel safe in knowing that your management company is always compliant with local and state laws and is knowledgeable about all investment property legal matters.
There are many property management companies out there claiming that they can handle your rental property needs. However, Bay Property Management Group Harford County remains at the top because of their dedication to property management services. Committed to producing happy tenants and landlords alike, Bay Property Management Group is ready to help you start leasing your Havre de Grace investment properties right away.