The process of identifying the perfect investment property has many moving parts, with a significant one being nearby amenities. As an investor, it's in your best interests to purchase property in a location that contains all the top things renters search for in the area near their next rental home.
While there are plenty of things that can hurt ROI, today, we focus on how to evaluate nearby amenities that can boost returns and why it’s smart to let a Whidbey Island property management help!
When prospective tenants are searching for the right rental property, they not only consider rental unit amenities like upgraded appliances, storage space, online payments, and online maintenance requests. They also consider neighborhood amenities.
Generally, most tenants are interested in a specific set of amenities, such as convenient commutes, educational facilities, shops and restaurants, fitness centers, entertainment and leisure facilities, and healthcare facilities.
Real estate investors must focus on what the neighborhood and surrounding areas offer when searching for the perfect investment property since these can affect future vacancy rates. Therefore, choosing an investment property with the right local perks will help you attract and retain tenants more easily. Ultimately, real estate amenities impact your rental income and revenue growth.
So, you've found an investment property that ticks most of your boxes. The job market is good, and the crime rates won't get in the way of you attracting your target tenants.
What’s nearby? Will renters enjoy living in the area? Here are a few things to consider to ensure the neighborhood can provide your tenants with an enjoyable and convenient rental experience.
It's hard to figure out the lay of the land without driving through a neighborhood and surrounding areas. Taking a quick stroll through the community can give you a better idea of the available amenities within walking distance or by taking a short drive. However, if you don’t have easy access to the location, a property manager can walk the area and connect with you about what’s available near the property you have your eye on.
Generally, it's better for resident retention if amenities like parks, shops, and food establishments are close by. Proximity to amenities ensures your tenants can enjoy many conveniences, whether they're walking, biking, or using public transit.
If you're unfamiliar with the neighborhood, you could fail to spot some essential amenities (or not understand the lack of nearby benefits). It’s important to have key details related to nearby amenities to make an informed decision.
The best way to get the information you need is to get insider information from property owners, current residents, and property managers in the neighborhood. These people know the ins and outs of the location. They can offer valuable insights into whether the area has amenities common to great neighborhoods.
Part of the reason you should invest more time in evaluating amenities is to help answer the question, "how much can I rent my property for?" In addition to restaurants, shopping, and parks, check out the availability of local events, activities, and entertainment.
The good news is if the community offers a great experience, you'll be able to charge higher rent. With a wide range of city benefits and nearby amenities, your property will appeal to a broader range of potential tenants!
Local resources like City Hall are an excellent way to get a bigger picture of what’s available to local residents. You can find renters' resources and promotional literature to attract more renters and property investors. City resources can also help you find properties in locations with the right balance of public facilities and private amenities.
The internet is one of the best resources you have at your disposal when evaluating amenities remotely. You can hop online and look up specific information about a property’s community.
Note the schools within the area, as well as the nearest supermarkets and healthcare facilities. Use Google Maps to discover local businesses and what they offer to residents. If you're lucky, you can even find the neighborhood has its own page that contains plenty of helpful information about the community.
Good rental properties aren’t enough for success. A property owner must also target ideal locations that offer plenty of resources to residents!
Consulting with the best Whidbey Island property management company gives you more insights into what local renters look for when considering rental homes and neighborhoods. The Joseph Group has helped many investors streamline their search for the perfect investment property. What's more, our expert property managers have the experience you need to ensure your ROIs are high for every investment property.
Get in touch now to learn more about our residential property management services!