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Look for the Best Rental Home Location

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By : Sonia Smith    99 or more times read
Location takes on added urgency when it comes to buying a rental property. Have your realtor to show you properties with recognized rental records at least two to three years during which time vacancies are not exceeding two to three months at a time. The best rental home location is normally located in a neighborhood with plenty of jobs and ample public transportation. Look for an area where the town is putting money on roads, recreational investments and where homeowners are taking care of their homes like performing the basic items such as maintaining the cleanliness of the streets, mowing their lawn and maintaining the curb appeal of their homes.

The location for a rental property will normally depend on the market you wish to target. If you are targeting families, you should choose a family oriented area or a residential one. The place should have a nearby good school where families can send their kids and a park nearby or a place where the family can have time to bond.

If you are targeting young professionals, look for an area that has offices, shops and other facilities that young people love to go.

One major thing to consider is to find places that require higher rents. These are usually situated in a good area. If ever you find such property, you are assured that you will also have a great location. Nevertheless, bear in mind that other factors or groups can influence your rental arrangements. One good example is a homeowner’s association. This kind of association has certain implemented rules and each property owner in the neighborhood should follow these rules. It is very necessary that as a rental homeowner, you should adhere to these rules when you start your business.

The neighborhood quality where you buy influences the type of tenants you will draw and how often you will have to face property vacancies. For example, if you purchase in an area that is near a university, most likely, you will have a pool of students and teachers for your tenants and you will be facing vacancies regularly, like the summer months where students return to their homes.

Be able to determine if the property is located in a desirable or undesirable area. Consider the important amenities such as shops, schools, offices among others. Accessibility to transportation is another important consideration. Find out whether the public transportation runs regularly at times they are likely needed. Ensure that the rental home is in a location with decent roads.

Again, ask a real estate professional to find the best location for a rental property. While it is true that you have to make a research on such communities on your own, it would be more advantageous to seek the help of your realtor to do the legwork for you. Ask him or her to show you rental homes in an area and have a firm grasp on the market values. Your realtor will be able to find you a good rental home that will generate a good income and he or she will be able to estimate the amount you can earn.

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