Columbus is an excellent market for investors who want to buy rental properties. There’s a lot happening in and around the city. The local economy is strong and the population is growing. It’s a great time to be a real estate investor, and if you’re thinking about entering the market, we have some advice on how to pick the best possible property. You want to acquire an investment that’s profitable. Here’s how.
Location Matters to Columbus Tenants
You don’t have to be a wise real estate investor to know that location matters. It matters to buyers and it matters to tenants. Most of the renters in Columbus want to be close to work, schools, and shopping. Many of the millennial tenants moving into the area want a walkable neighborhood. Tenants with families will be looking at school district. Look for a property that’s accessible and easy for commuters, students, and families. Buying something too remote will only result in a long vacancy or a lower rental value.
Single-Family Homes with Space
We always recommend a single-family home with three bedrooms, one bathroom, a basement, and a one-car garage. If you can find a home like that in a great neighborhood, you have the potential to earn a lot of money on the investment.
This works for tenants even if they’re looking for a four-bedroom or a two-bedroom. If the basement is finished, it can serve as an extra space for sleeping, gathering, or storage. If a family or roommates only needed two bedrooms, the third bedroom can always be used for an office or a den. The garage is important. This is Ohio, after all, and there are weather elements to consider. No one wants to dig out a car during a snowstorm.
Certainly other sorts of investments will work well. However, when you’re looking for something that you know will be attractive to tenants and easy to rent – this is what we recommend.
Avoid Bad Curb Appeal and Cheap Work
Well-maintained properties are always preferred when you’re investing. You don’t want to spend a lot of money just to get it ready for the rental market. You also don’t want to offer a property to tenants that look like it’s been hacked up and then put back together piece by inconsistent piece. If it doesn’t look clean, habitable, and professional, it’s not going to show well.
Ideally, your investment will be a home that’s in great condition and only needs some cosmetic upgrades. If someone’s grandmother has been living there for 30 years, you’re going to have a great property to work with.
Always get a professional housing inspection before you buy. You’ll want to know about all the issues and problems that aren’t immediately evident. Don’t skip this important step because things like cracked foundations, mold, and pest infestations can cost you a lot more later.
Think Like a Columbus Tenant
When you’re considering investment properties, you want to buy a home that you’d like to live in yourself. This doesn’t mean the property has to meet your high standards. Maybe you like granite counters and spa bath tubs. Most tenants don’t have those things on their must-have lists. But, you do want to find a property that looks like it would make a good home. Think like a tenant. Good tenants want plenty of closet space and storage. They want desirable neighborhoods near good schools.
If you need help locating the best investment opportunities in Columbus, contact us at Solutions for Real Estate. We would be happy to help you meet your investment goals.
