My Take on the Market for January 2016 - Dahlonega & Dawsonville
2015 was the best year we have had in the real estate market since 2007. This year has gotten off to a great start as well. I am anticipating this to be another very good year. Home prices are rising and we are starting to see some land sales. We also have a strong rental market.
Recently the Gainesville Times ran a series on the housing market in Gainesville. I was shocked how high of a percentage of homes in Hall County are rentals. It talked about the rising rent rates and the difficulty in finding affordable housing. I don’t do rentals in Hall County but I am seeing the same the same thing in the rentals our office manages in Dahlonega and Dawsonville. Rent rates have been steadily rising. Many people are opting to rent rather than buy.
We usually have a shortage of available rental properties. I believe owning rental property is a great way to build a retirement income for yourself. People are always going to need a place to live. If you have a rental and home prices fall like they did after the market crash in 2008, so what?
Just keep on renting it out and use the rental income to live on. At least you don’t have to cash it in for income like you do stocks. In addition to the series of stories The Times ran on real estate, the March edition of Consumer Reports also has a good article about real estate. I recommend you pick up a copy of it.
After just saying how I think it is a great idea to have rental property, I do want to caution you that the worst thing you can do is buy a rental that you must have the rental payment each month to cover a mortgage on it.. Keep in mind you will need to do repairs, pay insurance and taxes. You will have a little down time between tenants every now and then. You need to be prepared for that. If you can’t afford to do repairs and have a little down time don’t buy a rental, if you do you will end up in trouble with it sooner or later.
For all your Lumpkin & Dawson County real estate needs, contact your area expert!
Have a great week,