Potential real estate buyers look for location above all else when shopping for a home. Buying investment property isn’t much different from buying your own home, so consider what you would look for in a location before you sink capital into a long-term property investment. Prospective renters will consider the same points.
- Good schools: Regardless of what type of investment property you’re considering, at some point you’ll most likely rent to families with children. Research local schools to find out if concerned parents would find them desirable. If you’ve got great schools near your property, that’s an added bonus that will attract and retain those serious, long-term renters that every landlord wants to find.
- Near major employers: The major industry in your area is a great place to start looking for renters, especially if there’s more than one employer representing the industry. It means renters will be employed and able to pay rent, and will have more than one area employer and thus better chances of staying employed. In an urban setting, consider the property’s proximity to public transportation as a major facet of your location consideration.
- Close to amenities: In this case, amenities refers to those in the community, often referred to as conveniences. Grocery stores and gymnasiums are major considerations for future tenants, as well as any business that offers an amenity your property doesn’t. Nearby, safe laundromats may be an important consideration if you don’t offer onsite laundry facilities, for example. Local entertainment and child care could also factor into your purchasing decision.
If it all seems like too much to consider when purchasing a rental property, let the professionals at Class A Management help you simplify the property search process. We know what renters want, and we can use an objective eye and some proven research methods to make sure you buy a property in high demand. Call us today at 817-295-5959 or e-mail, info@classamgmt.com.