As a newbie to the rental property business, you may be nervous about making your first purchase of a home you intend to rent out. Do you know what it takes to have a home that attracts renters? If you have ever rented a home yourself, then you have experience in what home renters are looking for. Most homes are renting to families who are either saving for their own home, or new to the area and checking it out before they buy. As in every part of the property management process, your Fort Worth property management team can help answer any questions you may have during the purchasing phase. Here are few suggestions from the pros:
1) Look for homes no older than 15 years. This will help keep down maintenance costs, and save you money long term.
2) Look for homes that are not located on busy streets, and have fenced yards. This is more attractive to a family of younger children.
3) Rental properties should have at least 3 bedrooms and 2 bathrooms, and be located in neighborhoods where home values are appreciating. This allows you as the owner to charge a higher rent.
4) Consider the proximity of the property to things people need and/or want: Schools, public transportation, shopping and dining.
5) If the home is in an area managed by an HOA, there may be fees for violations. Be sure to identify what the HOA codes are, and how you will enforce them with your tenants.
Remember that the decisions you are making in the purchasing process are ones that will affect you long term. The property type you choose will affect what type of potential tenants you attract, and how long the home stays vacant. These are all things to keep in mind as you begin your journey in to the rental property industry. By making smart decisions today, you and your Fort Worth property management team will be pleased with your future results. For more information on selecting the right rental property, visit here.