Tips On Choosing Real Estate Properties For A Rental
The qualities that you'll look for in a real estate property that you intend to rent can differ greatly from the ones you would choose for your own personal home. Here are some factors that make an attractive rental home.
A Good Number of Rooms
One thing to look for in rental-worthy properties is an ample amount of bedrooms for the space. This will give you the potential to rent out individual rooms to fetch a higher price, but it can also be more attractive to renters who want to split the apartment or home.
When you're buying a property for personal use, you might not mind having older appliances that you plan to replace in a few years. It can be a huge turn-off to renters to see old appliances that they may expect to have problems or need maintenance visits from you. Even if you agree to fix appliances as needed, it can be very intrusive to your renters' private lives.
It's no secret that having a good location can affect your property's price. But this is arguably more important when you're hoping to rent rather than sell. Renters may skew towards being younger singles and couples with a more active lifestyle; they may value being centrally located much more than they value the extra space or quietness of the neighborhood.
Caveat: Local Considerations Vary
Each of these items can matter to your renters when they are deciding how much value your property has. But the considerations can also vary based on where you live. People in an outdoorsy city may value a large garage to store their outdoor equipment (kayaks, bikes, etc.), while people in hot climates may place a lot of weight on a strong central air system or access to a pool. Consulting an experienced local real estate agent is key if you want to pick up on all of the local selling points that can affect your property choice.
The best thing to do is to approach several potential real estate agents and see if they have experience picking out rental properties for their clients. They should be able to pick up on these and other rental selling points quickly and explain which local properties you should be looking at. Having a real estate agent with the right angle can make your search more productive, and ultimately it may make a lot of difference in how much rent you can charge for your rental property.