While a house may look great inside and out, there are a lot of other factors to consider when choosing a rental home. In property management, Fishers, IN landlords know success is about more than just good looks. Before you buy a home to lease, consider the location, regulations, and layout of the prospective rental property. Unlike any other property management company, Fishers, Indiana landlords know they can rely on Real Property Management Indianapolis Edge to help them pick a rental property that’s worth their time and money. Here are some tips to help you with your selection:
Location
Steer clear of a property if the surrounding houses in the neighborhood aren’t selling. Your rental property should be located in a neighborhood with lower vacancies, higher rents, and appreciating homes if you want to make money on your investment. Also, try to avoid properties that are far away from city life. Most people want to be close to major gas stations, shopping, and highways.
Research the Municipal Regulations
As the landlord, you are responsible for knowing the municipal regulations you and your tenants have to follow. You don’t want to shell out cash for a fine that could have easily been avoided. Some cities require inspections more often than others, so do your homework. If you don’t live in the same city where your rental property is located, find out who provides the water, gas, or other basic utilities so you can tell your tenant who to call when they move in.
HOA Codes and Ordinances
An HOA can be a nightmare or a dream come true for those involved in property management. Fishers, IN landlords need to know that some HOAs have the power to limit the number of rental homes in a neighborhood. If your rental property is in a neighborhood with an HOA, talk to the board members and be sure you’re clear on all the rules you need to follow if you want to avoid expensive penalties.
The Layout of the Home
You want a home that’s going to attract families and support a familial lifestyle. Run through this checklist of what to look for and avoid before purchasing a rental property.
LOOK FOR
- 3 or more bedrooms
- 2 or more bathrooms
- Fenced yard
- Standard layout
- $1100-$1400 monthly rent rate
- In-home laundry hookups
- Less than 15 years old
AVOID
- Under 1000 sq. ft.
- No fence, busy street
- No master bathroom
- Overly customized
- Unusual layout
- 25+ years old
- Swimming pools/spas
Time and time again, we are the property management company Fishers, Indiana landlords put their faith in. We have over 25 years of experience in the industry and our team of professionals put YOU first. Give us a call today to put our proven processes to the test.