What Makes a Great Rental Property?

What Makes a Great Rental Property?Investing in a rental property in Columbus is a smart strategy to work toward building financial freedom and passive income. If buying a real estate investment is one of your goals, a great place to start is understanding what features make an ideal rental property. Before you look for homes for sale in Columbus that will work for your goals, we have some tips to help.

Depending on your individual budget and goals, the features you are looking for in a rental property might differ a bit. However, these are some elements we recommend you should be looking for as you begin your house hunting process. 

Desirable Location

You really can't overstate the importance of location in a rental property. This is true of all real estate, but even more than a home you are buying for yourself, the location becomes the top priority for many tenants. They may be more willing to compromises on some features of the property in order to have the right location, especially if they are looking at a shorter term rental that is purely to provide access to a certain part of town. 

Location is paramount when it comes to rental properties. A great rental property is situated in a desirable location that offers convenience, accessibility, and amenities. Look for properties located in popular neighborhoods with access to schools, parks, shopping centers, public transportation, and employment opportunities. Properties in sought-after areas tend to attract higher-quality tenants, and also can command higher rental rates.

Good Condition

Unless you are looking for a major fixer upper where you can benefit from sweat equity, buying a home that has been well maintained is going to be a smart move. We know that may sound like something you would want in your own home buying journey, too, but in a rental property it may be even more important. You don't want a home that is likely to need repairs often, especially if it means relying on your tenant to notice and report to you what needs to be done. This can lead to increased damage from neglect, costing you more down the road. 

Additionally, tenants want to live in a clean, well-maintained property that feels like home. A great rental property is in good condition, with updated fixtures, appliances, and finishes. Regular maintenance, repairs, and upgrades are essential to keep the property in top condition and preserve its value over time. Landlords should prioritize proactive maintenance to address issues promptly and ensure tenant satisfaction.

Amenities and Features

Offering desirable amenities and features can set a rental property apart from the competition. Common amenities include in-unit laundry, dishwasher, central air conditioning, outdoor space, parking, and access to fitness centers or swimming pools. Depending on the target market, landlords may also consider adding additional amenities such as smart home technology, pet-friendly features, or bike storage.

The Right Financial Fit

As you are setting your budget for the investment, consider not just what you can afford to buy but what you will need to charge to make your investment work. Take the time to crunch the numbers and make sure you can comfortably afford the investment and offer a competitive rental rate. 

Setting the right rental price is crucial for attracting tenants and maximizing rental income. Landlords should conduct thorough market research to determine the fair market rent for their property based on factors such as location, size, condition, and comparable rental properties in the area. Pricing the rent competitively ensures that the property remains attractive to prospective tenants while generating a steady stream of rental income for the landlord.

Ready to begin the search for your ideal Columbus investment property? Contact us any time.

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