For investment property owners looking for a serene, small town, Laurel is a great opportunity.
Laurel started as a mill town and the railroad bridging Baltimore to Washington D.C. made Laurel a great place for families to live while commuting to either city.
A cozy town with rich history and the promise of growth, Laurel is a fun place to live, boasting several theaters, an art gallery, several state parks, and three annual festivals.
Smaller cities like Laurel have enormous potential for long-term tenants. There are several train and bus services for extended work commutes and many beautiful properties ready for purchase.
Laurel has plenty of opportunities for those looking to own a rental property.
Benefits of Owning Investment Property
Making such an investment can be approached in many ways. You could work on a stock portfolio or invest in a startup, but high-growth investments that will succeed are rare. Real estate property is the closest you can probably get to stable, high-growth investments.
Here are a few reasons purchasing property in Laurel is right for you.
- The first benefit is steady, residual income. As long as the property is maintained, property ownership can offer a nice financial boost to income from your day job.
- The clients are paying your mortgage! Every year as the amount paid in interest decreases, the investment’s rate of equity built against the principal increases.
- Properties are assets that appreciate in value over time. As the real estate market recovers and construction material values increase, property values will continue to climb.
Self-Management vs. Professional Property Management In Laurel
Many potential owners believe that self-management will save them money. This isn’t always the case.
Companies often have a greater tenant retention rate than individual landlords due to their ability to:
- Respond to customer complaints more quickly
- Get someone on the premises
- Properly screen new tenants
- Have the experience to sense when a problem is looming
This is especially true if you are considering owning more than one rental property.
Owning a property means dealing with a host of tasks besides taking care of the actual property, including figuring out tax deductions and dealing with legal issues that will absorb your time.
Property management companies can significantly reduce the time you spend on these tasks, freeing up your time for a full-time job, more investments, or maybe some stress-free afternoons.
What it comes down to is experience and manpower. Even a veteran landlord won’t have the collective expertise of an entire team of agents. Increased manpower means tenants are likely to have a more positive experience, which makes them less likely to seek a different place to live.
Bay Management Group?
With representatives available 24/7 for any concern of yours or your tenants, the Bay Management Group has one of the most responsive service teams in the country. There is always an ear for complaints or an expert to offer critical advice.Their team of agents can assist with finding the best property locations in Laurel, offer insight on potential tax deductions and most importantly, get your property quickly filled, with quality tenants.
This Maryland-based company is well integrated in the Laurel market and understands the nuances of this beautiful city.