Do you want to purchase real estate in Winston-Salem, NC?
In North Carolina, the Winston-Salem growth makes this area ripe for potentially lucrative real estate investing. Winston-Salem investment properties have the capacity to generate significant returns and solid monthly income.
As with any other area, each investment carries financial risks. But if you do your homework, analyze the market, and aim to find the best fit for your investment goals, you won’t have to look further than the city of Winston-Salem.
In this article, we are going to take a closer look at the potential Winston-Salem growth and learn more about the potential of its market, located in the north-central portion of North Carolina. Read on to learn about the top reasons to invest in Winston-Salem real estate and its best neighborhoods.
Home Value in the Winston-Salem, NC Market
Population growth is a crucial factor when it comes to making successful real estate property investments. The immense Winston-Salem growth in population contributes to its rising investment value. Plus, more than 1.7 million people call the Triad of Winston-Salem & Greensboro their home.
Winston-Salem, NC is in Forsyth County. The population projections by the NC Office of State Budget and Management demonstrate that this county grows by 67,000 people from 2020 to 2039. All this growth creates more demand for housing.
The major industries in the city of Winston-Salem cover sectors like logistics, healthcare, advanced manufacturing, financial services, life sciences, and data centers. All these industries require a skilled workforce.
However, when you look at the largest employers by working sectors, then you see that education, health services, and manufacturing tops the local employment provision. The key employers include Wake Forest Baptist Medical Center, Novant Health, and Winston Salem/Forsyth County Schools.
As an investor, it pays to learn about the local transportation links as well. The Winston-Salem Metro Area provides convenient access to I-40, I-81, and I-95 for its residents. The area is served by Piedmont Triad International Airport with direct flights to major cities across the U.S.
Best Winston-Salem, NC Neighborhoods
- Lewisville: Lewisville is part of the Piedmont Triad community that was incorporated as a town in 1991. The family-friendly community in this part of the Winston-Salem area aims to preserve the small-town character of Lewisville. That’s why they have used the slogan “Intentionally Small Town." Great schools, plenty of parks, and many annual events characterize this Winston-Salem neighborhood. It's a great place to live with your family. The average rent price for an apartment is $994.
- Bermuda Run: Bermuda Run is in Davie County and started to offer a fully gated residential community experience in 1999. The next year saw the town annexing Hillsdale, thereby acquiring a commercial district. It’s close to many golf courses and country clubs, such as Oak Valley Golf Club, Bermuda Run County Club, and Tanglewood Park.
- Old Salem: Old Salem is a historic part of Winston-Salem. The area was originally a Moravian community. Some of the highlights of this district include St. Philip’s Moravian Church, Salem Tavern, and the Inspectors House that has a college bookstore.
- Reynoldstown: Reynoldstown is a national historic district. The neighborhood features 183 contributing buildings. These structures have mostly been built from 1919 to 1949. The historic buildings in this district are appreciated due to their notable architectural styles like Tudor Revival and American Craftsman:
- South Marshall: This is a great neighborhood of Winston-Salem as it offers many dining and retail options for its residents. Some of the top dining spots include Willow’s Bistro and Di Lisio’s. The average rent in this neighborhood is a little bit less than $1,000. This is another great neighborhood to buy a home and raise a family.
How to Succeed with Your Winston-Salem, NC Investment Plan
1. Research, research, research…
The features and amenities of investment properties in Winston-Salem are important. But you need to keep the bigger context in mind. Consider a Winston-Salem home price by neighborhood. Sometimes the surrounding area isn’t that well-suited to the concrete rental strategy you are aiming to accomplish. Conducting a preliminary analysis on the Winston-Salem real estate market helps you have a better grasp of the investment climate.
2. Run the Numbers
Try to come up with financial projections that account for different scenarios you may be faced with during your investment. Run the numbers and see if your worst-case scenario still brings in a decent profit. Budget for unexpected repairs and maintenance needs. Play around with different scenarios and understand if you can afford the services of a professional real estate property management company.
3. Get Ready to Negotiate Your Deal
Negotiation skills come in handy when you are purchasing investment properties in Winston-Salem. There is a saying that “you don’t get what you deserve, you get what you negotiate." That is completely true when it comes to real estate property investments.
Consider having a property inspection conducted for your prospective investment. The inspector’s final report could contain important data points that help you negotiate a better deal. For instance, the real estate property may need considerable fixes.
4. Weigh the Pros and Cons of Professional Property Management
Many new property investors discover that their rental units require a substantial amount of time and energy. The responsibilities of self-managing Winston-Salem real estate can lead to a spike in your daily stress and worries.
Owning a Winston-Salem investment property means that you must collect rent, maintain the unit, conduct repairs, comply with legal regulations, provide emergency responses, and much more. You might want to consider hiring a professional investment property manager to handle the day-to-day operations that come with your Winston-Salem investment properties.
Working together with T.E. Johnson and & Sons means that you can maximize your rental income without having to deal with all the daily demands of being a landlord.
Investing in the Winston-Salem Real Estate Market
Real estate investing in the Winston-Salem market could offer you a significant return on your property investment in the area. As a property investor, you have the potential to earn monthly income and grow long-term personal wealth.
With the Winston-Salem home prices projected to rise, the Winston-Salem growth means the area has a lot of investment potential.
Winston-Salem provides many neighborhoods for prospective inspectors. Some of the top areas include Bermuda Run, Old Salem, South Marshall, Reynoldstown, and Lewisville.
These were just a few examples. You can choose from a variety of other neighborhoods. Working with a professional investment property management company to handle daily operations and ensure your investment property is compliant with all North Carolina Rental laws ensures you get the most out of your Winston-Salem investment properties!
Contact us today to learn about your investment opportunities in Forsyth, Guilford, Davidson, and Davie Counties! We also offer many services to help you along the way!