Three Tips To Make Sure A Property In A Rural Area You're Looking At Can Be Easily Rented Out To A Family
Homes designed for families are a popular choice for first-time rental property owners because their tenants tend to be more long-term oriented and financially stable than single tenants. But if you live in a remote area and you don't want to own a property that's far away, there's a few things to consider if you don't want to constantly sit on a vacant home. To make sure that a property you're looking at in a rural area can be easily rented out to a family, follow these three tips.
Check Out What Well-Paying Jobs Are Available At The Nearest Town
A family won't be able to move into your area without at least one well-paying job for an adult. If the property in question is relatively upscale and expensive, the family will probably need two well-paying jobs, further complicating the situation. While telecommuting certainly allows some families to live in rural areas, it isn't always easy for a breadwinner to find remote or online work that's both well-paying and consistent enough to provide for a family.
Look around the closest town to the property and see what services its largest and most prosperous businesses offer. If, for example, there's a big and successful bank in the town, the likelihood of you finding a family for your property goes up. If, however, the town mostly consists of gas stations and restaurants to service people coming off the highway, you can be sure that not very many families are going to be able to find a good job in it.
Make Sure The Total Commute To Nearby Public Schools Isn't Too Long
While not as important as proximity to jobs, proximity to good schools is a very important factor for most families. If the daily commute on the bus for a teenage child is going to be borderline intolerable because the local high school is a very long way away, a family might pass over even a very attractive home.
Take A Look At The Average Age Of The Surrounding Area
Most parents with school-aged children looking to rent out your home are going to be either middle-aged or slightly younger. If the people living the closest to the property mostly skew very old, both the parents and the children are going to have a harder time making friends. Additionally, they probably won't be very comfortable at community events ran by and composed almost entirely of old people.
So check the average age in the area around the home. The older it is, the more trouble you'll have renting the property out to a typical family. For further information, contact a local property management company, such as Reedy and Company.