As an Orlando Property Management company, we know that location is the foundation for success when purchasing a new rental home in the Orlando area. While we’ll explore additional investment strategies in future posts, today’s emphasis is on the harmonious relationship between your property’s location and your real rate of return.
Evaluate the Local School System
A thriving community school system will increase the immediate value of your rental property. When selecting a home, families are predominately concerned with the community’s safety and school system’s ratings. The best renters place significant weight on elementary, middle, and high schools, so we advise that you monopolize on this demand. We recommend fully investigating an area before purchasing a rental home and ensuring that you are surrounded by at least one highly ranked school system.
Proximity to Jobs and Shopping
Optimizing on convenience, tenants are interested in finding a home that is proximately located to their job, errands, and recreational activities. Most generally, people are willing to commute between five to 10 miles to work. When deciding on a rental property investment, first survey the area to confirm that employment opportunities are within driving distance. Tenants will also be attracted to homes that are near grocery stores, shopping locations, parks, and restaurants, so be considerate of the community surrounding your rental home. Reflecting the recent upsurge in highway construction projects, your rental property should also ideally have access to other major roads, alternate routes, and, if possible, public transportation.
Be Aware of Association Rules and Regulations
When purchasing a home within a community or a development, do some homework on the Homeowner Association (HOA) ahead of time. Primarily, you should be asking about the financial health of the association and what kind of restrictions you’ll face when renting out a property. Taking the time to do this research on the HOA and its regulations will prevent new tenant move-in delays and income losses. You’ll also reap numerous rewards down the road, such as receiving a larger pool of rental applicants and quick vacancy turn around times.
If you’d like to learn more, please contact us at Belmont Management Group in Winter Park, FL, where we’ll be happy to provide you with full details on how to buy a profitable property.