If you hope to start bringing in income and gaining real estate assets, you might decide to purchase a residential property to lease out to tenants. To make sure this venture is profitable, you need to choose a property that appeals to tenants, but also one that will bring you as few headaches as possible. Being a landlord can get expensive, so you need a property that will be worth the trouble. Here are some features to look for.
1. Great location
Location is one of the most important parts of a rental property. You can charge more rent for properties that are close to desirable amenities. However, sometimes, you might choose a location that is also easier for you. For example, if you want to maintain the property yourself, choosing a house just down the street from your own home might be easier. On the other hand, if you get a property management company, you'll have the flexibility to choose a property that is close to public transportation, the city library, schools, or parks.
2. Easy to Maintain
Maintenance is the responsibility of the landlord, so finding a property that doesn't give you a lot of trouble will help to make your life easier. Look for things like:
- Vinyl or cement board siding. These don't need the same maintenance as stucco, wood, or brick exteriors.
- Roofs with a low pitch and simple designs. Roofs with steep sides and more gables are much more expensive to replace than a basic roof.
- Short driveways. These are easier to shovel and repave.
- Few trees. Branches break, trees need trimming, and roots can cause issues with plumbing.
- Interiors that are hardwearing. Indoor finishes to look for include things like stone countertops, vinyl or laminate flooring, and updated bathrooms.
You might consider buying a home that has an affordable HOA. HOAs can provide things like lawn care and snow removal, which takes a maintenance item off your list and makes it so you don't have to rely on the tenant to give good care to the property exterior.
3. Marketable features
Finally, you want the property itself to appeal to many tenants. Things like yard space, storage space, an extra toom for an office or guest bedroom, and counter space in the kitchen are all features that will make your property appealing. Things like newer windows, air conditioning, and appliances like dishwashers and washers and dryers included will also help make your property desirable.
for more information about residential property, contact a local real estate agent.Share