Before you make the decision to invest in a rental home, you should look at a few things that will help you make a wise property choice. Specialized Property Management is the leader in Dallas property management and can help guide you towards rental properties that will be a smart investment now and in the future. Here are five things to consider when selecting a property:
Where is the rental property located?
Most potential tenants want a rental property with easy access to shopping malls, grocery stores, and restaurants. A good goal to aim for is to have a rental property located within less than 20 miles of these amenities. Parks and movie theaters are a bonus, too.
What is the neighborhood like?
Does the neighborhood have a Homeowner’s Association? Experienced Dallas property managers know that an HOA will be an attractive feature for some renters, but not for others. As a landlord, decide if you will be able to cover the HOA fee on top of the property taxes and mortgage payment. Look for neighborhoods with convenient parks and swimming pools as this will sometimes put your rental property at the top of the list.
What is the quality of nearby schools?
Renters that are moving into a single-family dwelling are very likely to have children enrolled in the public school system. Schools that rank high on test scores and have an excellent reputation are a good bet. Dallas property managers can talk to residents within the neighborhood where you are thinking of purchasing a rental property, and find out what they have to say about the school.
How much are other landlords charging for rent within the same neighborhood?
If rental properties in the area where you are looking appreciate in value, and rent is increasing each year, this is a good sign that your rental property is in a competitive market. Make sure you will be able to charge a comfortable monthly sum that will cover the mortgage payment, property taxes, and other expenses while still maintaining a profit.
How old is the rental property?
Finally, when selecting a rental property, look for a home that is less than 15 years old. A newer home will help you keep maintenance costs low and attract more potential tenants.
Specialized Property Management is the Dallas property management company that knows how important it is that you make a confident investment in a rental property. We have the expertise and the know-how to help you choose the right home for you and your future tenants. With a 98% customer satisfaction rating, there is no reason to hesitate. Contact a member of our team today.