SPM Guide to Select A Rental Property in Fort Worth
THE DILEMMA:
With so many properties available to turn into rental units, how do you pick the property that will provide the best return on your investment? The home you choose will directly affect the number of applications you receive and the type of tenant interested in renting the property.
THE SPECIALIZED SOLUTION:
Decisions you make in the purchasing phase of rental property will have a direct impact on your success as a landlord. When searching for a rental property to purchase, our property managers in Fort Worth suggest you consider these factors:
- Location, location, location: Just as location plays a large role when choosing your own home, it is also a primary consideration in the purchase of a rental property as it will impact the ease of management responsibilities.
- Local schools, transportation, and amenities: When looking to purchase investment property, you should consider if the home is close to public transportation and near quality schools, restaurants, and shopping.
- Municipal regulations: While some towns cities have strict rental codes and regulations for landlords to follow, others areas may be more relaxed with their laws. Understand the rules in the area you are looking to purchase your property.
- HOA’s: While neighborhood communities can bring additional monthly fees, they also have their own set of regulations, which if violated, can lead to hefty fines for landlords.
- Area comparisons: Our local expertise at Specialized Property Management can add valuable assistance to help you find areas where vacancy rates are low, rents are high, and home values are appreciating.
Property Details Can Also Affect the Success of a Rental Home
To attract long-term tenants, your rental property should appeal to a family lifestyle and feature three or more bedrooms, a fenced yard, and be off a busy street. Searching for homes that are less than 15 years old with a standard layout and few customizations will also keep your maintenance costs down.
Try to avoid:
- Small, quirky floorplans
- Unfenced yards
- Busy streets
- Older homes (more expensive to maintain)
Thinking like a renter will help you make a rental property decision that will be successful and earn you the best return on your investment. If you require assistance during this purchasing phase, your Arlington property management team is happy to share our knowledge and local expertise!