The crown jewel of Maryland, Chevy Chase is actually the name given to a series of villages and towns. One of them, Chevy Chase Village, is among the most affluent towns in America.
With myriad walking paths and bike trails, farmers markets and other amenities, this gem in Montgomery County has become a highly desirable place to live.
Benefits of Owning a Rental Property in Chevy Chase
One of the greatest ways to realize high-yield returns from an investment is through rental properties. Income-producing properties serve as a fantastic source of supplemental income. Here are a few additional benefits of investment properties in Chevy Chase:
- Desirable Location
People looking to rent in Chevy Chase are willing to spend what it takes to live within its beautiful borders. This interconnected heartland is great for students, families, and commuters. With upscale properties and a small-town feel, this location is a unique opportunity for investors.
- Tax Deductions
Landowners can deduct money spent on repairs or mileage driven to buy materials and visit housing. Interest paid on properties can be deducted. The number of tax deductions could be surprising.
- Building Equity
Tenants will be paying your rent. As you build a stable business with filled apartments and homes, you will be receiving monthly payments in addition to a diminishing mortgage principal and value appreciation.
Self-Management vs. Professional Property Management
The benefits of hiring a management company are huge. The company is meant to be a screen between you and your tenants. They will help sign leases with responsible tenants, and effectively intervene if those clients become unreliable.
Property management companies are kept up-to-date on landlord/tenant laws and can prevent a landowner from getting into trouble.
They can also advise owners on how to make the most of their tax deductions or how to seize the best available investment opportunities.
Property management companies can be counted on to deal with the legal and financial issues related to having tenants. They will act as your accountant and rent collector. They will begin eviction proceedings if tenants don’t pay rent and take problem renters to court.
Do you have the time to screen new tenants, conducting background and criminal checks, calling references to find the right tenants? Do you have the staff to deal with two complaints at once?
When landlords have an issue, property management companies have a structured response with contractors and other professionals in reserve, ready to act in a coordinated effort to solve tenants’ problems.
Why Choose Bay Management Group?
The Bay Management Group is a staple Chevy Chase property management, a market they understand better than anyone. Their customer service is available 24/7, and their monthly fees are among the lowest of any property management company in Maryland.The company has a diverse advertising campaign to get new listings on the market to fill rental units fast. They also research potential tenants’ incomes, background, and credit for any liability. This approach guarantees strong market exposure to the best potential tenants for your property.