Qualities that make a Home Desirable for Tenants
It is a fact that not every home is a great rental home material. Therefore, it becomes important to find out that the property qualifies as a good rental home before investing your hard-earned money. You could be facing long vacancy periods to put a dent on your investment in case you buy a property that is not found attractive by prospective tenants. In addition to the looks and features of a home, you will have to take into consideration its location as well. To make it easier for you when buying a rental property, we have tried to find out qualities that help in making a rental property attractive for tenants.
Basic amenities are important
The first thing that is looked at by a prospective tenant is the basic amenities that he has come to expect. In fact, amenities like heating and air conditioning are not even considered as amenities as tenants take them as granted.
Condition of the home
It is no use buying a property in bad condition if it is available at less than its market value. It is better to consider estimates of repair as otherwise you would find yourself spending out of your pocket to make the home desirable for prospective tenants. A good quality rental home is one that is also in a very good condition when it comes to structure and features.
Do not ignore the neighborhood
At times, it is the neighborhood that means more than the property for the tenants. This applies to homes that are situated inside neighborhoods with great amenities and transportation facilities. Property in such a neighborhood also brings in high rental income for you.
Crime rates in the area
Whether you are looking for single tenants or those with families, it is very important to look at the crime rates in the area before buying a rental property. Stay away from a property that appears great but is in an area experiencing high crime rates. You may feel frustrated when this property remains unoccupied for long periods of time.
Easy access to public transport
Even a perfect looking rental property is deemed unattractive by prospective tenants if they find access to public amenities and transportation facilities difficult and far away. Always see to it that amenities like grocery stores, restaurants, schools, parks, healthcare facilities, and public transportation is near your rental property. In fact, families prefer to live in properties that are close to high quality public schools.
Look for signs of growth and expansion
When buying rental property in a newly developed neighborhood, make sure that the area will see growth and development in future. Projects like public transit system, hospitals, and big businesses are indicative of future development of the neighborhood.
Look at the property from the perspective of a tenant. He comes looking for a place that he can feel and call his home. Amenities and location help in making a rental property very desirable for prospective tenants. If you are reasonably sure that the property has all the qualities mentioned above, you can go ahead and invest your hard-earned money. Such a property will make a good rental home.
If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.
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As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
