Are you looking to invest in a rental property? Have you found a good rental property but not sure about its future? When investors think about the long-term purchase, which is a wise move in real estate, choosing the right one becomes more important because a bad choice can turn out to be a burden, and sometimes a disaster. Consider certain features your potential tenants will look for. This is the best strategy to decide whether a property is worth buying or not. See a house through a tenant’s eyes. Here are 5 features you should pay attention to when buying a rental property.
This is never a surprise because every smart real estate deal is majorly focused on the location. Location is everything when you’re buying a rental property. You don’t need to go into depth, you can just ask a simple question to yourself – “will you choose to live in the place?” There are two types of feeling people get after seeing a house. The one is ‘what’s wrong in that’ and second is ‘it has everything I have been looking for.’ You should consider the potential of the rental market and also the rent trends, vacant units, and demand.
Tenants want to know how much storage capacity the house has. Every tenant wants to know whether their belongings will be stored safely or not. Ample built-ins for storage and porch, basement, store room and sheds are necessary, especially for big families. If there’s a garage, renters will feel safer about their vehicles.
Renovations will surely help your tenants and you in the long run. Everybody loves modern finishes and appliances. Doing so will not only increase the value of your property, you can also ask for more rent if your renovations are smart choices and compelling enough to make tenants feel like paying more. Although it may cost more when you install these upgrades, in the long run, the investment will be worth spending money on.
You’ll surely want your tenants to be safe in the new house. So, do a crime rate check before you buy a property. Check neighborhood at different times and learn about the crime rate and safety in the area. If you can install some gadgets to make tenants feel safer, do it and if you feel that the real estate developer is providing enough security for the community, then choose such properties without giving a second thought.
Having more than one bathroom or an extra room for guests will have different appeals depending on who is going to take the house. If it is a small family without kids, one bathroom unit is enough, but if it is a family with kids and more than 4 members, one extra bathroom will surely add value to the house and attract tenants. So it may be a better investment to buy a property that comes with extra features.