Here are Some of the Top Features of a Great Rental Property
If you want to invest in a rental property, then you may have a lot to think about. After all, you’ll want to make sure that the property you buy is profitable and you’ll also want to make sure that it is a good fit for your potential tenants as well. If you need some help with that, then this is the guide for you.
The neighbourhood in which you buy your property will determine the type of tenants that you want to attract. It will also determine your vacancy rate as well. If you have a property that is very close to a university then there’s a chance that students will dominate your vacancy applications. That being said, you may find that come summer, you struggle to fill your properties. Some towns try and discourage rental conversions by giving you a lot of red tape to navigate, so make sure that you are aware of this if at all possible.
Taxes can vary quite a lot, depending on the target area you choose. You have to make sure that you know how much you are going to be losing. High property taxes are not a bad thing. In a fantastic neighbourhood, you may find that you are able to attract long-term tenants, and this is a good thing. It’s a good idea for you to find out all of the tax information you need, and it’s also wise for you to talk to the homeowners who are in the local community too. If you can do this, then you can be sure to benefit.
Quality of Schools
You need to think about the quality of the schools that you are dealing with when it comes to family-sized homes. Even though you are concerned about cash flow, you have to remember that the value of your property really comes into play when the time comes for you to sell. If there are good schools nearby then this will rocket your investment. The best real estate agents should be able to help you with this.
Nobody wants to live near criminal activity. If you know that there is a criminal hotspot nearby then make sure that you avoid it at all costs. If you’re not quite sure, then it is easy for you to pull the crime statistics for the neighbourhood. Check the vandalism rates and also take note of petty crimes. You also need to look out to see if crimes are on the rise or if they are declining.
The Job Market
Locations that have growing employment tend to attract more tenants. If you want to find out how many jobs are available in a specific area, then it’s very easy for you to find out online. If you see an announcement about a big company moving to the area, then this could work in your favour because you know that more and more jobs are going to be created and this could attract tenants.