You’re tired of sitting on the sidelines, and you want to jump in on this red-hot real estate market right now. But as a rental property owner, you’ll need to consider your investment a little differently than you would with a typical residential purchase. You’ll need to have a watchful eye for ROI to help you spot the best potential investment opportunities. And these Goshen rental property amenities should always be on your priority list before you buy.
1. Neighborhood Amenities and Extras Tenants Love
Check out the parks, restaurants, gyms, movie theaters, public transportation connections, and other amenities that attract renters to the Goshen neighborhood. City Hall may have additional information on some of these more local amenities, including a calendar of upcoming events. Before you buy any new rental property, you’ll want to know what it is about the Goshen area that potential tenants will absolutely love. These amenities will be marketable, making any vacancies easier to fill.
2. Private Outdoor Spaces and Yards
Today’s renters are flocking out of the city, in part because they want to sprawl out, away from each other. They are embracing remote work now, giving up the hectic commutes. And they want quiet, backyard spaces to enjoy. So when you’re exploring rental property to buy in Goshen, check out the available backyards and private spaces. The more serene you have to offer, the more appealing it will be for potential tenants.
3. Updated Appliances Matter
If the Goshen property you’re considering has outdated appliances, you’ll want to add that investment expense to your bottom-line ROI calculations. Today’s renters and families need tech-loaded appliances that offer hassle-free use and convenience. And outdated appliances can deter people from your rental property altogether. So, prioritize new appliances, either as part of the Goshen property you’re looking at or as an add-on investment for your strategy after you purchase.
4. Pet-Friendly Properties Fill Faster
There are a few opinions and schools of thought on allowing pets into your rental property. But more people today have fur-baby family members, and they won’t consider a move anywhere their beloved pets can’t go. As you look through new Goshen properties to buy, be mindful of fenced-in backyards, ideal for dog families. Look for opportunities to support a pet-friendly environment because, let’s face it, pet-friendly rentals just fill faster.
5. The Property Condition Sweet Spot
The listing prices right now are all over the place. And you might be wondering if it’s more advantageous to your portfolio if you buy a distressed property to fix up or an upgraded property that’s move-in ready. Every real estate opportunity is going to be different, so stick with your estimates and budgets first. But there can be a sweet spot, with some Goshen rental properties, where a little refurbishing is needed, but not a full remodel to make it move-in ready. Find your balance, including the timeline you have to make repairs or restorations. Rely on the professional home inspector to tell you about the property’s condition and help you decide how much is too much to fix.
6. Enlist the Help of a Professional Who Knows the Goshen Market
Growing your portfolio of rental properties, or buying your very first property, can be challenging, especially in today’s volatile market. Don’t wait to enlist the help of a rental property management professional like us! We can help you navigate the process and spot which amenities are must-haves. We also understand how to review any existing portfolio of properties to help you identify which new purchases will complement your long-term objectives.
If you’re ready to explore your rental property options in Goshen and need a guide to help you prioritize what assets to look for, let PMI Louisville help!
