Westminster Property Management
What you need to know about Westminster property management and real estate investing
Pros and Cons of Owning Westminster Investment Real Estate
Westminster is a diverse community when it comes to types of housing. It has many older homes that do present good investment opportunities at fair CAP (investment rate of return) rates. In addition, there are many areas of Westminster that offer newer and higher end housing. This attracts an economically diverse group of residents which creates stability in rental stock.
Rental rates are very high in Westminster due in large part to the great location which is close to Denver, but still offering affordable older houses for sales for both investors and home owners.
The biggest negative for owning investment real estate in Westminster is the city requirements and oversight of rental properties. The city of Westminster’s Rental Property Maintenance Code is a complex program that requires systematic inspections of rental properties, as well as licensing and registration of all rental units. This can be a burden to rental property owners. While well meaning, the program creates an unfriendly atmosphere for local investors. Investors should plan for additional expenses in registration and city required repairs that in our opinion can sometimes be excessive, needless, and burdensome.
We recommend investors look to neighboring cities such as Thornton or Northglenn which offer more business and landlord friendly policies.
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- Future price appreciation
- Diversity in types of housing stock
- Close proximity to Denver
- Strong rental rates
- City required license and registration of all rental properties
- City required systematic inspections of rental properties
- Lower rated public education as compared to other cities