If you’re thinking about heading into the rental business then consider what renter’s want before you make a purchase. It goes without saying that they want a good price and a fair landlord, which are things you control once you own the property. But before you buy, look at what the property has to offer and determine if you think that renters will find your rental property appealing.
Just like a home purchase, location is the most important consideration for prospective renters. Look to pick up property that is close to parks, schools, downtown districts, or popular areas of town.
Renters want more and more space. It may be because of the McMansion boom of a few years ago, but people are putting more and more value on space. Look for rental properties that are larger or that feature an open concept floor plan that gives the appearance of more space.
With the competition for renters, the more you can offer the better. More and more renters are asking for in-house gyms, swimming pools, garage parking, storage space and more security.
People are looking for more bathroom and spacious kitchens. Look for floor plans that highlight these two important areas of the home.
Basically, when you?re looking to purchase a rental property, think about what you?d want in an apartment, look at what your local market has to offer, and pick something that has appeal.