When buying a residential property to lease, many landlords focus on aspects of the property. Of course, most landlords would like to purchase a house that does not require much initial remodeling and has features that potential renters will find appealing.
However, remember that when you are buying a property, you are also buying the neighborhood. Good renters want to live in safe, comfortable neighborhoods. According to Bankrate, ways to recognize safe neighborhoods include looking at the local school districts and seeing pride of ownership in neighboring properties.
School districts
A neighborhood that has a good school district is likely a safe neighborhood. Plus, it is easier to attract renters who have children if the local school district is strong. Not to mention, neighborhoods with good school districts are likely to maintain property values in the future.
Depending on the kind of renter that you are trying to attract, you do not necessarily need to limit your residential purchases to neighborhoods with A-rated schools. If you are not interested in renting to families, it is less of a concern. However, it is still true that good school districts equal good neighborhoods.
Pride of ownership
Obviously, your renters will not own the property. However, if surrounding properties look well-maintained, it is likely that the property is in a good neighborhood. Plus, if surrounding owners take care of their properties, it increases the likelihood that your renters will take good care of the property they live in.
Good neighborhoods often attract the best renters. Seeking out properties in good neighborhoods will have a major impact on your investment as a landlord.
