Investing in rental properties is always a good idea. It is a great way to have some extra income and a way to secure your future. Investing in rental properties in Bergen County can be an even better idea since Bergen is the most populous county in New Jersey. If you don’t believe us, just ask Bergen County movers since they have been in business since 1973, and they helped many people with their moving.
Decide if you are ready to invest in rental properties
So this is a huge decision. Perhaps you have some money saved, or you want to apply for a mortgage. Investing in rental properties can be very lucrative, but it can come with many challenges. Being a landlord involves many maintenance hassles. Not only that you have to find a suitable location, reliable tenants, but you should also be prepared to answer any questions and solve many problems on the go.
For example, you should know to fix a leaky faucet, unclog a toilet or repair a damaged wall. Of course, you can always hire someone to do that, but it will cost you money, and you want to have as much profit as possible. Another thing that many tenants will expect is to help them find a reliable moving company. You can use the services of Gibraltar Van Lines; as they are professionals specialized in moving to New Jersey, so they definitely know the territory.
Why should you invest in rental properties in Bergen County?
Bergen County is becoming more and more popular as we speak. The demand for renting a place is high, and the market is skyrocketing. Actually, Bergen County has a tenant market almost equal to the homeowner market. So you don’t have to worry about finding tenants. On the other side, finding a great property can be harder than you would expect. It can be difficult to find a suitable location without spending a fortune. Many property owners are not willing to sell, or the location is not as convenient as you would want.
So how much can you expect to gain? It all depends on your savings and whether you are applying for a loan or not. You should know that rent prices are very high compared to the national average. For example, a two-bedroom apartment is around 1,700 dollars. As we mentioned, there is increased demand, so you won’t have any problems finding tenants. It can be very profitable to invest in rental properties in Bergen County. If you happen to need movers North Bergen NJ choose a reliable, professional, and affordable company.
How should you invest in rental properties in Bergen County?
First, you should make a thorough plan of your investment. Ideally, you should invest somewhere close and a place you are already familiar with. Otherwise, you will need to do a lot of research.
Decide on the type of the rental property
Buying a rental property is different from buying your home. You are probably not going to use your rental property throughout the year so the features you are looking for can differ.
Different types of rental properties are:
- Long-term rentals– the property that you plan on renting for one year or longer. These can be multi-unit homes, such as duplexes and triplexes, or single-family properties. Make sure to provide good-quality service, as tenants tend to expect more. For example, they can ask you where to find amazing residential movers.
- Short-term rentals– a property that is usually rented for a short period of time- weekend, week, or a month. This can be a vacation property– located close to a popular vacation spot or in a busy urban area– where you can rent a place to many business travelers.
- Turnkey rentals– they are similar to long-term rentals with one difference- they are fully prepared for renting. They often come with a property manager who takes care of the maintenance and sometimes even with tenants already in the apartment.
Decide on the location of your rental property in Bergen County
With nearly a million people living in the county alone, the possibilities are endless. Some popular places in Bergen County are:
- Ridgewood– located near Manhattan (only 20 miles away) with a great transportation system. It can be difficult to find an affordable property as the area is expensive. In the first quarter of 2020, the median sold home price was $805,000, and the average rental price at $1,981 a month.
- Ho-Ho-Kus- an area with the best schools in New Jersey, a low crime rate, and many outdoor activities. The only downside is that the prices are similar to Ridgewood. The average price of a sold home is around $723,000.
- Glen Rock– a quiet and safe neighborhood with average rent for an apartment of $1,399. The cost of rent varies depending on several factors, including location, size, and quality. The area is famous for its warm and welcoming community, where most of the residents are kind and friendly.
- Haworth– a secluded and upscale area perfect for families and renters looking to escape the hustle and bustle of the Big Apple. It is not the most popular area, but it would probably be easier to find a good deal here. The average rent is $1800.
As you can see, it can be quite difficult to find the property. Just know that once you do find that deal, it’s going to be extremely rewarding. You can search on Zillow to know exactly what can you expect when you start renting. You can go to local meet-ups and meet wholesalers, other investors, agents, etc. These are the people that can help you find the best deals before they hit the market. Anyhow, the pricing of houses in the Bergen County area keeps rising, so it can be difficult to get a good deal. On the other side, that just means that investing in rental properties is definitely something worth considering!