Did you know that landlords make an average of $73,000 off their investments each year? If you’re looking for a way to set up a passive income stream, investing in the real estate market can be a fantastic option. But the key to success is finding the right location to buy an investment property.
Ballston, Virginia, is a thriving neighborhood within minutes of Washington, D.C. Read on to learn about this area and why you should start investing in apartments in Ballston VA.
Before we dive into the benefits of investing in Ballston, Virginia, let’s learn a little more about the neighborhood. Ballston is a subdivision of Arlington, Virginia, and sits just north of the city center. There are more than 9,000 residential units in Ballston, most of which are rentals – and another 1,500 apartments are expected to go up in the next three years.
Your residents will never be at a loss for things to do in Ballston, given that the neighborhood has more than eighty restaurants within a five-block radius. There are also spas, nail salons, boutiques, and more to fill all your residents’ shopping needs. Ballston also has cooking classes, an immersive adventure experience center, and the MedStar Capitals Iceplex, home to the Washington Capitals.
Great Job Market
When you’re choosing where to buy an investment property, you want to find an area that’s on the rise. For one thing, you want to make sure your property value will appreciate over time so that, when you go to sell, you make a hefty profit. You also want to make sure you’ll have plenty of quality tenants and lots of demand for the apartment.
Ballston offers a fantastic job market, given that it’s located in the heart of Arlington, Virginia. For one thing, the city is directly across the river from Washington, D.C., and is home to both the Department of Justice and the Department of Defense. Deloitte and Lockheed Martin are also major employers in the area.
Strong Local Economy
Arlington’s economy is also on the grow and promises to stay strong in the coming years. Amazon recently announced it will set up a new headquarters in Crystal City, another neighborhood of Arlington. This new location is expected to bring about $15 billion to the area within the next eight years.
Within Ballston itself, you’ll find a thriving local economy that will draw in lots of high-quality tenants. Ballston is home to the Office of Naval Research, the Air Force Office of Scientific Research, Virginia Tech, and more. The neighborhood also has stops for both the orange and silver metro lines and serves as a bus hub for many of the regional transportation services.
Low Property Taxes
When you’re buying a property, the up-front cost is only the first of the expenses you have to worry about. You’ll also have to pay maintenance fees and so on for your property, but the biggest hit can come in the form of property taxes. On average, D.C. property owners pay more than $3,600 in taxes each year.
Virginia, on the other hand, has some of the lowest property tax rates in the country. Residential property owners have to pay less than 1 percent property tax, which is far less than the national average. You can save a lot of money in taxes just by owning property across the river from D.C., rather than in the city itself.
Investing in the Ballston real estate market can be a fantastic way to take advantage of the thriving economy our nation’s capital provides. However, investing in real estate in D.C. itself can be an expensive prospect. Most properties there sell for well over half a million dollars, making it an expensive venture for first-time investors to get in on.
In Ballston, however, you can get a number of properties for well under the half-million-dollar mark. In fact, there are some wonderful apartments available for $250,000 or less. For beginning investors, this price range can be exactly what you need to get a solid start in the real estate investing world.
Find the Right Spot
Once you’ve decided to invest in Ballston, your next step is to find the perfect spot. You want to find someplace that’s close to the center of the action – nearby coffee shops, restaurants, parks, and so on. You also want to make sure there’s easy access to public transport nearby so your tenants can commute without the hassle of driving if they prefer.
Luckily for you, you’ll be hard-pressed to find an area of Ballston that doesn’t meet these criteria. The whole neighborhood has a walk score of 93 and a bike score of 84, making it very easy for residents to navigate. Your tenants will also have easy access to the orange and silver Metro lines, making for an easy commute into the city.
Find Apartments in Ballston VA
Ballston, VA, is the perfect place for you to invest, whether this is your first property or your tenth. The neighborhood has a fantastic job market and strong economy, as well as a thriving culture. Properties here are much more affordable, and the central location will mean a lot of close-by conveniences for your tenants.
If you’d like to find the best apartments in Ballston, VA, check out the rest of our site at Nomadic Real Estate. We provide leasing, management, sales, and, most importantly, peace of mind. Contact us today and start making your D.C. investment the smart way.