Features Of A Profitable Rental Home
If you are interested in purchasing a home with an intention to rent it out, there are certain important features and considerations to look for in the property. It is advisable to hire a professional real estate agent to help you find a property with the right features for maximum returns.
Mentioned below are some features that you should consider while investing in a rental home:
- Good Neighborhood: For a rental property to be lucrative, ideal neighborhood plays an important role. Good neighborhoods attract quality tenants who are likely to pay rent on time. Also, owning a rental property in a good neighborhood may help you earn higher rent and have low vacancy periods.
- Property’s Condition: Look for rent-ready property that will instantly start generating income and requires minimal expenses on maintenance work, painting, etc.
- Job Market: To attract more tenants, invest in an area with increasing employment opportunities as tenants are more inclined to live in a place with more job opportunities.
- Safety: Inquire about the crime rate in the area by checking with the local police or studying the crime statistics in a public library. You may also consult your real estate agent about the neighborhood.
- Educational Institutions With High Ratings: If your choice of property is family-sized homes, you should look at areas that have good schools in proximity.
- Parking: Ample parking space in rental homes that are located in city hubs, is a feature that will be appreciated by renters. A parking spot is a luxury feature for city dwellers and can also be rented out for additional income, if not used by a tenant.
- Property Taxes: Educate yourself on property taxes applicable in the area where you intend to purchase the property.
- Physical And Social Amenities: Look for amenities such as parks, gyms, restaurants, public transportation, proper sanitation, movie theaters, etc. Renters prefer staying in areas that provide convenience and some form of entertainment and rejuvenation.
- Scope For Future Development: Check for information on area development plans in the near future. This will give you an insight into the growth prospects of the area.
The agents at REAL Star Property Management, LLC assist their clients in purchasing a profitable rental property. Clients can invest in a property according to their needs and budget. To know more about features of a profitable rental home, visit 1506 Paseo Del Plata Ste 200, Temple, TX – 76502. You can also call at: (254) 693 – 7850.