Making the Right Purchase:
Investing in rental real estate is a great way to build wealth. Knowing what to look for when purchasing a rental property can many times make or break the success of your real estate investment. Specialized Property Management San Antonio has a few tips to keep in mind when selecting for your next rental.
It is a well-known fact that choosing the right location for your rental investment purchase is vital. Purchasing in the right neighborhood makes attracting ideal applicants and managing vacancy periods much easier when you consider the following:
- Area Rents. Getting a pulse on the rental market and what price points renters are willing to tolerate is key. Look for neighborhoods with low vacancies where home values are appreciating. Having a trusted local professional, like Specialized, is vital for getting an accurate estimate.
- Schools & Transportation. How well rated are the schools? Does it have easy access to major freeways and public transportation? How close is it to major area employers? This is a top priority for renters.
- Local Amenities. How close is it to major retailers? What kind of amenities does the community offer? Renters want to know what fun or interesting things there are to do in the area.
- Municipal Regulations. Do local regulations and ordinances make it hard to own and manage rental properties? How stringent are code violations and what are the fees?
- HOA Codes. Many HOAs have their own set of rules and regulations for landlords operating in their district. Be sure to investigate these codes.
Property Specs & Layout:
The characteristics of a home will attract different kinds of renters. Attracting long-term renters with a steady income is ideal. Consider that many families are now looking toward renting single-family homes long-term and so choosing a property that accommodates a typical family lifestyle is advantageous.
-3+ bedrooms / 2+ bathrooms
-Traditional or open layout
-Less than 15 years old
-Homes under 1,000 sq ft
-Choppy or unusual layout
-25+ years old
The Property Management San Antonio Investors Trust:
Choosing the right property is the first step to owning a successful rental unit. When developing a long-term plan, consider the efficiency and expertise of a property management company with proven success. Call Specialized Property Management San Antonio today and get started on the right track.