When you select a new type of cereal at the grocery store, you don’t have to think about the long-term consequences of your decision. Sure, you might not like it, but then you’re just losing a couple of dollars, and you learn not to buy it next time. In Greenwich property management, you can’t select your rental property like you would that new cereal. Before you invest, you’ve got to think about the long-standing effects of your decision. At Real Property Management Southern Connecticut, we want to help property owners make a smart investment the first time. Our team of local and experienced professionals can help you pick a competitive rental property that will benefit you for years to come. Here are some things to consider when selecting a profitable rental property:
Location, Location, Location!
DO NOT neglect the location of your rental home. Where your rental is located will affect the number of tenants that want to lease from you. Try to find a neighborhood where there are lower vacancies, higher rents, and where the value of the homes are appreciating. If home prices are going up in the area, it means your rental rate can go up safely each year, too. Higher rent = higher profits for you as the landlord. Also look for a property that is conveniently close to grocery stores, gas stations, restaurants, and public transportation.
If you’re renting out a single-family residence, then there’s a high chance you’ll get tenants that have a few kids. Research the public school system in the area. Generally, schools that rank high on test scores and have an excellent reputation are a win-win. Take the time to talk to other residents in the neighborhood and see what experiences they’ve had with the administration and teachers and how their children have fared.
Smart Greenwich Property Management Owners Think About Municipal Regulations
The regulations and ordinances for landlords differ from city to city. In some areas, you can be fined for violating these ordinances, where others are more laid-back. Make sure you know if your property is within city limits, or just outside it. Some cities require inspections more often than others. Take time to do your research so that you’re up to speed on all the regulations you need to be aware of.
HOA Codes and Ordinances
Other property management companies agree that a Homeowner’s Association generally ensures the homes and common areas in a neighborhood look clean and well-kept (at least on the outside). HOAs can be very attractive to residents and tenants alike, especially if they pay for things like a pool or park, too. They can also be a hassle if you don’t learn the rules you’re required to follow. If the property you’re looking at is in a neighborhood with an HOA, talk to the board members and be sure you’re clear on all the codes and standards you and your tenant will need to follow to avoid expensive penalties.
The Layout of the Rental Home
Experienced Greenwich property management owners know that a big key to attracting families to rent from them is selecting a home that can support a familial lifestyle. Run through this checklist of what to look for and avoid before purchasing a rental property.
LOOK FOR AVOID
3 or more bedrooms Under 1000 sq. ft.
2+ bathrooms No fence, busy street
Fenced yard No master bathroom
Standard layout Overly customized
$1100-$1400/mo. rent rate Unusual layout
In-home laundry hookups 25+ years old
Less than 15 years old Swimming Pools/Spas on the property
When it comes to hiring property management companies, RPM Southern Connecticut is the smart choice. We make Greenwich property management easier with our experienced team and proven processes. We’ll help you select the perfect rental property. Put us to work for you today!