Location is always important when it comes to real estate
and that is no different when shopping for a rental property than when
purchasing a home in which you will live. Properties which are close to
amenities such as shopping, schools, worship centers and are generally considered
to be in a good neighborhood and will typically make better rentals than homes
that are located on busy streets or which are not near such amenities.
Outdated
homes are a prime example of properties which do not make the best rentals. One
of the main reasons that outdated homes do not often make good rental properties
is the fact that they are simply more prone to have things go wrong with them. You
will have two choices when dealing with an outdated rental property, you can
either spend the money to update it and risk your profit or you can not update.
The latter is also quite risky as most renters, if they have a choice, will
rent a property that is updated. Renters typically expect the properties they
are renting to be safe, secure and have working systems and appliances. Some of
the main problems you may run into with outdated problems include plumbing
issues, roof leaks, cracks and settling, electrical problems and the ability to
obtain parts for appliances.
Homes
with pools also do not frequently make ideal rental properties. At first, you
may see a home with a pool as an advantage which would be appealing to
prospective tenants; however, this is not always the case. Many prospective
tenants, especially if they have young children, do not want to live in a home
with a pool because of the risk factor. You should also take into consideration
the issue of liability as well as the cost of maintaining the pool.
In
addition, homes that are considered to be high maintenance may not make the
best rental properties. Consider how much time you are willing to spend each
week working on your own home, if you are a homeowner. You might find the tasks
of weeding, mowing the lawn and watering the flowers at least fulfilling if not
rewarding. The thing about tenants; however, is that they are often not willing
to perform these tasks for a home they do not own. If you have a property that
requires all of these tasks consider hiring someone to handle the yard work and
then including the price in the rent. You will be able to guarantee that the
work is done and your property does not look unkempt without having to actually
worry about it yourself.
It
is always important to make sure you take location in mind when choosing a
rental property because most prospective tenants will be looking for properties
that are in good locations. If there is competition on the market, a tenant
will often choose a rental that is in better location even if it means paying a
bit more in rent.
