Buying Your First Rental Property? 3 Important Features to Look for in a Neighborhood
When you're interested in buying a home, but you intend on renting it out to tenants, it's important that you look into what kinds of things will stand out to potential renters. Not only will this likely ensure that your home is more valuable if you ever intend on selling it, but it can also make a big difference in how happy your tenants are and how much money are you able to rent the unit for.
Instead of making any quick decisions about buying a rental property, you should rely on the expertise of a realtor and consider the following features that should be present in the neighborhood you're interested in.
Walking and Biking Score
More and more people are spending more time walking and biking outdoors. With this in mind, you should look into finding homes that are located in neighborhoods that are walker and biker friendly. What this means is that the neighborhood should have well-defined sidewalks and bicycle lanes that are maintained. With these two features, you will be much more likely to rent a unit in the neighborhood out and attract more people who like to spend time outdoors.
Nearby Schools and Parks
Another thing to keep an eye out for when you're comparing different neighborhoods to buy in is the school district and any neighborhood parks. Many people overlook what kinds of features are in the neighborhood outside of grocery stores and restaurants. By instead focusing on things that your potential tenants will be using a regular basis, such as the school or nearby parks, you can feel much more confident about renting out to responsible tenants without a long vacancy in between tenants.
Minimal Crime and Noise
One of the things that your realtor can help you out with when you're beginning to compare different neighborhoods to buy in is avoiding neighborhoods that can be a poor choice due to safety concerns. While it may be more affordable for you to buy a home in an area that's still recovering from a depression and may have more crime than surrounding areas, that can also be taking a gamble and leave your unit unsafe. You should also ask about the noise level, which is often indicated by what kinds of buildings are in the area and the entertainment nearby, since loud noises at night can be frustrating to potential tenants.
As you began exploring what features will appeal most to potential renters, you'll quickly see how you can find an apartment rental that will stand out to tenants and will ensure that you're able to get the highest income possible from your investment when you choose a home that is for sale.