Top Tips for Choosing a Rental Property in Middle Tennessee
With so much growth in rental property in Middle Tennessee right now, Murfreesboro, Smyrna and LaVergne are prime locations to buy a home to use as a rental property investment. But if you’re new to the rental property business, you may be nervous about making that first purchase of an investment property home. Experienced investors know there is a ‘sweet spot’ for a home to be a good rental. As in every part of the Middle Tennessee property management process, your RPM Rental Solutions team can help answer any questions you may have. Here are few suggestions from the pros:
There are several specific amenities and home types that attract renters. If you have ever rented a home yourself, then you have experience in what many home renters are looking for. Most homes are renting to families who are happy with the less burdened renter lifestyle, or who are new to an area and checking out that area before they buy a home.
Use This List While You Search
1) Look for homes no older than 15 years. This will help keep down maintenance costs and save you money long term.
2) Look for homes that are not located on busy streets, and have fenced yards as they are generally more attractive to renters.
3) Rental properties ideally will have at least 3 bedrooms and 2 bathrooms, and be located in neighborhoods where home values are appreciating. This allows you as the owner to charge a higher rent.
4) Consider the proximity of the rental property in Middle Tennessee to things people need and/or want: Schools, public transportation, quick access to the Interstate, shopping and dining.
5) If the home is in a HOA, there may be fees for violations and signage and parking rules. Be sure to identify what the HOA codes are and how you will enforce them with your tenants. If there is a HOA, it’s great if that means there are also other perks such as a neighborhood pool, playground, or landscaping service included.
It is also important to determine the expected range of rent you can charge for the property. An experienced property manager can help you with that. You’ll want to calculate the income you can expect with the expenses: be sure you factor in improvement and maintenance costs, potentially having your property vacant for some time, and insurance and property taxes.
These are all things to consider as you get started in the rental property industry. By making informed decisions today, you can have a great investment with rental property in Middle Tennessee.