Buying A Rental Property? Know What Features To Look For
Posted on: 13 January 2017
When buying a home for the sole purpose of it being a rental property, it is important that you don't make the mistake of only looking at homes with your personal preferences in mind. You must consider what potential renters will be looking for as well, or else you could have a home that is difficult to find a tenant for. Keep these things in mind when buying a rental property.
The Proximity To Public Transit
You may take a car to work every day, but will your future tenants? It's possible that the people renting your home will depend on public transportation for getting around town. That's why it's important that your home is close to local public transportation. If a renter has to walk over a mile to get to the nearest train station or bus stop, they may ignore your home and look for something closer.
In addition, homes that are near public transportation can often get a premium rental price because of this. The home may be worth the same as a similar home one mile away, but renters will see the home's location as a perk that they simply cannot pass up.
The Local School District
If you don't have kids, you may not even be paying attention to the local schools in the area that your rental home is in. Those that do have kids pay close attention to this, and renters have the flexibility to select a home that is in the district that they want their child to be in.
Websites like GreatSchools.org are wonderful resources that will give you the report card of the local schools, and you can easily compare schools within a district. It may help you discover that one school is notably better than the others, and based on where the school district boundaries are, it could encourage you to purchase a home in a slightly different part of town.
The Security and Safety of the Area
Always look into the safety of the area that your rental property is in. Everything may look good on paper, but if the home is in a bad part of town, you could have trouble finding renters. Even things as simple as having plenty of streetlights can go a long way in making a home feel safe, and you won't notice these things unless you check out the neighborhood at night. In addition, having a security system installed before a new tenant moves in can help them feel that the home is safe compared to others they are looking at.
For more information and tips, talk with a real estate agency in your area.
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