As one who is new to the business of property rentals, you might be apprehensive about making that first purchase of your investment property home. You might be stressed over how to attract renters to your property? 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 happy with the less burdened renter lifestyle, or who are new to an area and checking out that area before they buy a home. With the Coeur d’Alene property management process, your Coeur d’Alene property management team can help answer any questions you may have during the purchasing phase.
Through many years of rental experience we have some tips how to buy the most marketable rental property:
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 as they are generally more attractive to renters.
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 a HOA, there may be fees for violations and signage and parking rules. Be sure to identify what the HOA codes are and how you will enforce them with your tenants.
When choosing what rental property to purchase taking these considerations will help your investment’s success. The property type you choose will affect what type of potential tenants you attract, and how long the home stays vacant. When you buy the right property, you and your Coeur d’Alene property management team will be pleased with your future results.