Catonsville is unique in that it has small-town charm, yet is home to almost 14,000 students. In addition to providing student housing opportunities, Catonsville offers a picturesque village setting with a strong sense of community.
Here are a few other reasons investing in property in Catonsville is a good idea:
- Low Interest Rates With decreased interest rates and the area’s growing population, now is a great time to turn a profit from rental property. Currently, mortgage interest rates are holding steady at a very low rate of 3%, which can mean a huge return on investment.
- Major Tax Deductions and Incentives are Available to Landlords
Here are a few:
- Any interest paid on a mortgage. Credit card interest is deductible as well, if it was used for business purposes.
- Depreciation. Landlords can deduct this devaluation for over 27 years.
- Any and all repairs made by the landlord, as well as payments for repair services.
- Any business-related travel expenses.
Rental properties build equity. Since the housing market hit bottom several years ago, it has been climbing steadily back up. Your investment will quickly appreciate. Improving your property will also increase the value.
- Tenant-Paid Mortgage
Tenants’ rent money goes toward your mortgage as you use it to pay down your loan. Long-term rentals will pay themselves off within 15-20 years.
- Steady Cash Flow
Multiple housing units, like student housing, will create an even more positive cash flow. This can be used to pay mortgages, expenses, and bolster your primary income.
Why Should I Use a Property Management Company?
It pays for itself. A good property management service essentially pays for itself in time and money the company saves on your behalf. As the primary contact for tenants, it offers landlords a buffer.
- Vast marketing resources. Property management companies do all the work when it comes to finding and screening renters and collecting rent from them. The company will take care of the marketing by tapping into their vast resources to find the right tenant for your property.
- Thorough tenant screening services. Save time on the difficult screening process: property management specialists know the warning signs of a bad renter. Ensure that your tenants pay their rent on time and keep your properties in good shape by allowing a property management company to find you reliable candidates.
- Freedom. A Baltimore County property management company allows you the freedom to attend to other needs. Whether you are looking to grow your real estate business, have another job, or want to spend more time with your family, property management companies afford you that luxury.
- Handling of legal issues. Property management specialists are trained in legal documentation, including leases, evictions, safety codes, inspections, and security deposits. Did you know tenants actually have more rights than landlords? Putting your investment in the hands of one bad tenant can lead to legal issues and property damage. Let a reliable property management company deal with the legalities so you do not have to worry about them.
- Maintenance is taken care of. Property management companies will maintain and arrange repairs for all your rental units. If you do not have time to prepare a rental unit for move-in, a property management company can handle that for you. A full-service property management company retains a network of licensed contractors, in addition to in-house staff for small fixes and rental preparation.
- Tenant satisfaction. Tenant retention rates are better with property management companies. Tenants who enjoy living in their apartment will naturally want to renew their leases. Good property management companies know what tenants need to stay happy, and happy renters mean happy landlords.
Why Choose Bay Property Management Group?
Bay Property Management Group Baltimore County offers full-service property management in Catonsville. We provide move-in and move-out reports, complete with photographs of the unit and checklists, so you and your tenants can agree on the pristine state of the rental unit. Bay Property Management Group also offers monthly financial statements reflecting your income and expenses for all properties. This is especially helpful for new landlords who are just learning how to manage their business finances.
Bay Property Management Group has a strong presence in Baltimore, and can tap into the tight-knit community of Catonsville. We market properties aggressively, using a network of websites, locators, and tenant placement services.