Choosing a good rental property to buy can be a daunting task for investors’ particularly new investors. However, choosing a rental property to buy can be easy if you know what to look for in a rental property in Columbus Ohio.
In this article, we are going to look at the factors you need to consider when looking for a rental property so that you can make an informed decision. So, without further ado, here are the factors to consider when looking for an investment property to buy in Columbus Ohio:
Location is an important factor to consider when it comes to anything related to real estate. When looking for a good rental property to buy, it is good that you consider the neighborhood. The quality of the neighborhood will determine the kind of tenants your rental property will attract.
Things like surrounding home values and vacancy rates in the neighborhood have a huge impact on a property’s ability to generate positive cash flow. You should also consider factors such as a property’s closeness to a university or college especially if you would like to attract student residents.
It is good to ensure that the rental property you want to buy is in a good condition. However, remember that there are good rental properties with damages that can easily be fixed and it is good to take your time and calculate how much any repairs or renovations might cost you before making your decision.
Avoid buying rental properties with major problems such as severe water damage, significant foundation issues, and dangerous molds. It is never a good idea to take on a massive renovation when you want a buy and hold investment.
When looking for a rental property to invest in, look for one located near great amenities. How close is the rental property you want to invest in near restaurants, shopping, parks, and nightlife? Is the property convenient for grocery shopping? Remember that a property located near great amenities attracts a larger pool of residents and also enable you to set premium rent amounts.
Considering the things mentioned in this article will help you invest in a profitable rental property in Columbus Ohio. Remember that the list in this article is not exhaustive but contains basic, proven factors that will help you achieve your investing goals as they will help you buy and hold a profitable rental property whether you are a new or seasoned investor.