In our hot market home prices are quite a bit higher than a lot of places across the US so our rental market is quite high as well. If you’re looking at buying a home for investment purposes you want to make sure the home has these top five amenities that most renters are looking for.
#1. A great location.
Obviously, this has nothing to do with the house itself but the location means everything. You’ve heard location, location, location, and that Park or amenity hasn’t changed over the years. Does it have easy access to grocery stores and markets? How about the commute? Is it a safe area and doesn’t have good school districts? Finding where to buy is usually the first step before looking at the rest of the house.
#2. Private spaces.
Most single-family homes will have a private area but some condominiums or townhouses share common areas of this could turn some renters off. A fenced yard can go a long way for renters especially if you’re allowing pets or you have tenants with small children. Do you have storage, garage, or just covered parking?
Are you dealing with a house that hasn’t done anything to the builder-grade appliances or materials since it’s been built? Renters are too picky but they do want upgrades. Just like homeowners, renters don’t want the bottom of the barrel, builder-grade items so consider buying a home with upgraded appliances and materials or buying a fixer in doing it yourself. It will pay off when the rent comes due.
#4. The home needs to be move-in ready.
No renter wants to take on projects themselves and they certainly don’t want to move into a home where current projects are still being completed. Make sure that older HVAC units, electrical, plumbing, and similar appliances and materials are properly maintained so that the home is move-in ready and won’t need a lot of maintenance once the tenant takes residents.
#5. Included appliances.
The last thing a renter wants to do is pay for their own appliances. In a recent Bigger Pockets Podcast, a landlord rented each appliance for certain price otherwise renters had a very low base rent. But most landlords and owners should include washer and dryers, dishwashers and refrigerators.
If you’re planning on buying an investment property for rental purposes throughout San Ramon and the Tri-Valley area please contact me today. I have a list of great properties that might fit your search criteria and price.