As a new entrant to the residential rental property investment business, you may be nervous about making that first purchase of your investment property . Do you know what things to consider to attract renters? If you have ever rented a home yourself, then you have experience in what home renters are looking for. Most homes are renting to families who are happy with the less burdened renter lifestyle, or who are new to an area and checking out that area before they buy a home. As in every part of the this process, your property management team at Real Property Management Superstars in Orlando, Florida can help answer any questions you may have during the purchasing phase. Here are few suggestions from the pros:
1) Look for homes no older than 15 years. This will help keep down maintenance costs and save you money in long term.
2) Look for homes that are located on quiet streets, and have fenced yards as they are more attractive to renters.
3) Generally, Single Family Rental properties should have at least 3 bedrooms and 2 bathrooms, and be located in neighborhoods where home values are appreciating. This allows you as the owner to charge a higher rent.
4) Consider the proximity of the property to amenities people need and/or want: Schools, public transportation, shopping and dining.
5) If the home is in a Community Association, such as Home Owners Association(HOA) , there may be fees for violations and signage and parking rules. Be sure to identify what the HOA codes are and how you will enforce them with your tenants.
Remember that the decisions you are making in the purchasing process are ones that will affect you long term. The property type you choose will affect what type of potential tenants you attract, and how long the home stays vacant. These are all things to consider as you begin your journey into the rental property business. By making smart decisions today, you will be pleased with your future results. For further consultations on this subject, you could call the Real Property Management Superstars team at 407-675-3242.