As professional property managers in Columbus, we believe in serving our clients throughout every part of the real estate investment process. We do a lot more than collect rent and management maintenance; we also provide local resources and market advice. We like to help investors identify new opportunities and acquire new assets.
We’re often asked where investors should look in Columbus, what types of properties they should buy, and whether the current market is a good time for growth.
Where to Invest in Columbus
Columbus has seen a lot of growth in the last decade, and we’re now the 12th largest city in the entire U.S. The market here is so strong, that many of the neighborhoods and communities in Columbus are great places to invest. The only areas we’d recommend you avoid are those where crime is higher and the tenant pool is less qualified. There are some areas where contractors won’t go and property managers don’t feel safe because of the drugs and the violence on the streets. We wouldn’t recommend you invest in a home where we wouldn’t manage it. Purchasing investment property in those neighborhoods could come cheap, but your ROI is likely to suffer without some major community investment.
What to Buy in Columbus
When it comes to rental properties, the sweet spot is a three-bedroom, two-bathroom home. Even if a tenant is specifically looking for a two-bedroom or a four-bedroom house, a property with three bedrooms can usually still be attractive to that tenant. They can make it work. Basements and garages are good when it comes to rental homes because tenants will appreciate the storage space. If you can only choose one of those things, we recommend you buy a property with a basement.
Think about the age of a property before you invest. There are a lot of homes in and around Columbus that were built before World War II. The cost to maintain those homes is often higher. Slate roofs are expensive to repair and replace, and the galvanized plumbing will often rust over time. The knob-and-tube wiring can be expensive to replace and difficult to repair.
When to Buy in Columbus
There are seasonal rental periods in Columbus. Most people like to find a new rental home in the spring or the summer, so purchasing a rental property is a good idea early in the year or even at the end of the year. Many people are selling to get a fresh start during those times, and you can find a good deal. You don’t want to buy in the fall because by the time you close on the deal and get the property ready for the rental market, you’re in the middle of the holidays and a potentially cold winter. Tenants won’t be looking to move during those months.
We love talking about the rental market in Columbus, and we’d be happy to discuss your investment goals and plans. Contact us at Solutions for Real Estate, and let’s talk about how we can help you find the perfect rental home.