Most Important Things to Look For in a Rental for Purchase
What is the most important thing in picking a rental? Location! Where a property is located is very important to a prospective tenant. When you are shopping for a rental, keep in mind such things as how close it is to grocery stores, other shopping, and schools. While cabins in the woods are very nice and cozy, they only appeal to a small minority of the renting public. Compare that cabin in the woods to an apartment in town that is within blocks of several schools and just a mile from the grocery store – more tenants will be likely to rent the property in town.
The kind of transportation available to the prospective tenant also plays a role in what they choose. If they don’t have a car and are dependent upon public transportation or bicycle, then that particular tenant will not be interested in a condo 12 miles out of town.
There is a tenant for every property. When you are considering buying a rental property, think about who you want in your rental. If you want college students, then choose something close to a college. If you want a family, however, you’ll want to purchase something closer to schools and stores. Singles will be more interested in amenities such as work-out clubs, liquor stores, and how the property looks.
So, before you buy a property think about several things starting with who do you want as tenants? Then consider what would be important to them and buy accordingly.
One of the most common mistakes purchasers make is to decide on a property based upon their own emotions and what they like. This property will not be for you but for someone else. Rentals are a business and so you must approach them in a detached, businesslike manner.
If you have more questions about rental properties in general or would like to talk with an experienced and professional rental manager, please give us a call at our Durango office: 970-259-0222.
