When it comes to buying a rental property there are some things to consider for the type of clientel you are looking to find – houses require so many things that you have to think through – close neighbors, picket fence, kitchen size, how many bedrooms, back porch or front lawn? Don’t forget that no matter what you pick, you must decide on the location prior.
Three things come to my mind when it comes to location of a property:
Driving Distance. Do people want to walk to work in the summer? Do they want to drive to decompress work thoughts to get ready for family time? Every person is differean investment you want to make sure you think about every part of living. Will they have to drive over 15 minutes to go to the store for simple needs?
Schools. If you are going towards a family with kids that are school aged – what district would they want to be in? Do they want their kids to walk to school? Do they care to have kids walking down the streets if they don’t have them? Even if you don’t have kids, it will affect you.
Money. Are there different conveniences that need to be taken into consideration – like waste or water? Do you need extra insurance for living next to a farm in case of an accident? Do your renters mind the extra money spent if you choose a house farther outside of town for commuting?
So many things to consider – have you thought of them all?