When you’re searching for a rental property, you must find what’s right for you. However, some factors are universal to every rental property that you should consider. At Reliable Properties, we want to help you choose the right property for your investment now and into the future.
Choosing the right neighborhood for you is a big deal because your tenants should be able to feel safe in their homes. Consider the safety of the neighborhood before purchasing a property because it will determine the caliber of tenant that you attract. You can often speak with residents in the area to find out how safe they feel in the neighborhood and get an idea of the type of neighborhood they live in.
While safety is often a primary concern for families, you should also consider the schools, shopping, parks, and proximity to major business parks. Schools are often a strong selling point for tenants as they want to ensure that their kids are going to get a good education if they’re planning on staying in the area for a considerable amount of time. What’s more, shopping centers and business parks are appealing as it means families don’t have to drive far for groceries and a working parent can get to work without a long commute.
Rental properties often come with a variety of amenities that aren’t available when you buy a house. In some locations, an apartment complex will have a swimming pool or clubhouse with a gym, which are extremely appealing to potential renters. Most renters are willing to pay more for a rental property if there are additional amenities included in their monthly rent payment. Consider what the property has to offer when comparing it to similar properties in the area without ideal amenities.
Not all rental properties are maintained the same. You’re going to find some where the property manager didn’t make many, if any, repairs or perform maintenance until after a tenant moved out and others who simply slapped on a fresh coat of paint and called it good. This is evident by the wear and tear on the property and is easy to see during a walkthrough.
Most of your tenants are going to have cars and won’t want to park on the street. Take into consideration how much space you have to offer for parking. Two parking spots per tenant is often acceptable as most units will average two cars. If you have the means to offer covered parking for at least one vehicle, this is an extra amenity that will appeal to many prospective tenants.
Before buying a property, try to find out as much as you can about the history of the property. This includes additions, renovations, and upgrades that have been made. For example, if you’re considering buying an apartment building that was built in the 1970s and the plumbing has never been addressed, this is an extra cost that you’ll have to take on when purchasing the building. Hire an independent inspector to take a thorough walkthrough and identify areas where improvements need to be made or corners were cut during renovations.
Get in touch to learn more
If you’re looking for a rental property or simply want more ideas of things to look for in one, give us a call at Reliable Properties. We’re passionate about filling quality properties with quality tenants. Give us a call at 518-496-7867 or send a message using our online contact form. We offer property management to help you more easily deal with the problems that arise with having tenants so you can take care of more important things.