Once you own property in a great location, it is important to maximize the value of this location by maintaining the property. You should always strive to keep your property in the upper half of the neighborhood as far as appearance. You never want to be that property that people talk about as being an eyesore and lowering property values.
While you do not have to have the best looking property in the neighborhood, aim to maintain a property that adds to the neighborhood’s charm and is consistent with or better maintained than your immediate neighbors. This will also help you build a better relationship with your neighbors.
Of course, keeping your property looking good is a sound investment, as you will attract better tenants. Good tenants —— especially long-term tenants — help improve your bottom line. It is always good to send an objective person to your properties in an effort to get an honest opinion regarding their first impression regarding its appearance.
Location
Of course, location is still very important. Try to purchase properties near hospitals, high schools, elementary schools and universities. Also search for locations near churches and in some communities, nearby bus stops.
If you want to get a good grasp regarding the personality of the neighborhood, make an attempt to go through the neighborhood at different times of the day and on a weekend.
You should also try to purchase homes in areas that are progressing. Population increases and job growth are key. If successful franchises like McDonald’s or Chipotle are investing in an area, then they have research that indicates a positive economic outlook. It is likely they have better demographic studies and they are seldom wrong.
If you own rental property and are looking for an experienced property management company in Grand Rapids, contact S&G Properties or call us directly at 616.719.0819 today.
