Are you thinking about buying rental property in the Atlanta area? If so, you're making a smart choice because rental properties continue to be an excellent investment since they provide steady and consistent ROI month after month, even during times of economic instability.
Even though there are a lot of rental properties out there, every property cannot be considered to be a good investment because the key to success with finding the right property all boils down to finding a rental property that's in a great location.
In today's article, we will provide you with several tips that you can use for evaluating a location before purchasing a rental property there.
Tip #1 - Review The Local Economy
The first thing to do when reviewing a potential location for buying rental property in Atlanta, or elsewhere across the United States is to review the local economy.
This is important for the obvious reason that you can have a great rental property but, if there are no jobs or companies that are hiring, then you're going to have a great property that's going to sit vacant for a long time until you're able to find a tenant that's working and can afford to rent it.
To review a local economy, it's best to check out local job boards to find out who's hiring in the area, you can also Google the name of the city or town to see what people are saying about that area online as well.
Tip #2 - Inspect Area Amenities
After reviewing the economy where a potential rental property is located, the next thing that you want to do is inspect the amenities that the area has to offer. This means playgrounds, parks, hiking trails, biking trails, and other things to do in the area.
Keep in mind that some cities or towns may have more amenities than others but, you should try to invest in a property that’s located in a city that has a good park because having a park nearby may be attractive to parents who have small children.
Tip #3 - Learn More About The School District
As we have mentioned in a previous blog post, investing in a rental property that's part of a great school district is important because the school district also affects the value of your rental property as well.
To learn more about a local school district, you can also utilize Google, or your favorite search engine, to find out what parents are saying about that school district online. It's also possible to find websites that are devoted to school rankings to learn more about what people are saying about school districts in an area before you decide to invest there.
Tip #4 - Crime Rates
Knowing the crime rate for an area is vital because you can have a great rental property, that's a perfect location but if the crime rate in that area is through the roof, you are ultimately going to lose more money on that property than you could ever imagine.
Thankfully, you can also use the internet to research crime rates for any area since there are a plethora of websites online which offer the latest crime statistics. If you specifically can't find the crime information that you're looking for, you may want to consider contacting the local police department for the area where you plan on purchasing a rental property so that you can get more in-depth statistics that you're looking for.
Tip #5 - What Else Should You Be Looking For?
Besides the tips that we've offered to you so far in this article, some of the other things that you should be looking for in an area before you purchase a rental property include easy access to public transportation, an assortment of grocery stores, shops, restaurants and movie theaters.
Contact JD Homes
Choosing the right rental property can be tough, especially if you plan on searching for properties yourself. Thankfully, with the team at JD homes, we can assist you with sourcing, acquiring, and managing rental properties in Atlanta, or the general area.
To learn more about the property management services that we can offer you, contact us today by calling or a click here to connect with us online.
