A question we often receive is: Should I buy with 1031 exchange funds in Virginia ? Great question and the answer is YES. Here are two big reasons why you should:
Number one is there is a lot of growth and progress happening here in the state of Virginia. Whether that has to do with logistics, transportation, metro stations or jobs coming to the area. For example, Amazon choosing Northern Virginia as the future site for HQ2. Also consider expansion of the VRE and Amtrak rail system between Northern Virginia and Richmond. Not to mention WMATA’s Silver Line project extending service to Dulles International Airport. Completion of the metro project is proposed for 2020. Furthermore, even Elon Musk has entered the transit conversation with his high-speed “Loop” connecting Baltimore to Washington. This proposal might bring the commute between the cities down to fifteen minutes. There are a lot of positive things happening in the state which tend to influence jobs and property values.
Good Reason Number Two to purchase with 1031 funds in the state of Virginia are the legal protections for homeowners. If you intend to hang on to the property as a landlord, Virginia tends to be—out of this area versus Maryland or D.C.—a more favorable place for landlords. For example, it is easier to evict someone. Virginia also has comparatively lower property taxes and steady rent rates. Again, more landlord-friendly.
Those are two quick reasons out of many to purchase with 1031 Exchange Funds in Virginia. Contact us if you want to learn more about 1031 funds, or if you have questions about buying or selling in the state of Virginia. Also reach out to us about our regular information sessions on 1031 Exchanges funds in Virginia and whether it could be an option for you.
Have a great day!