5 Things To Keep In Mind When Buying Rental Property in Richmond, VA
Renters Warehouse Blog
Buying an investment property is always a daunting task. There's so many questions to answer, so many angles to consider. Who are your preferred renters? What kind of building do you want to rent? Those two questions are probably the most important questions to answer before you even begin the search for a new property, but once you have those answers, there are several other questions to consider.
Richmond, Virginia is a city rich in history. As such, it draws many people to it, making it a city with a lot of rental potential. Over half of the people living in the city are renting their homes, which of course helps drive the rental market prices. So now, it's time to begin your search for a new investment property that will compete with all the others, and we at Renters Warehouse are going to give you an edge by listing five of the top things that renters in Richmond are looking for in a home.
Many people who live in Richmond are looking for a place near their work, or near large community centers. The closer to the middle of town you are, the more likely you're going to find a renter who works there. Families tend to want to live further out, away from the bustle and busy streets. Who are you catering to specifically? If you know the answer to this question, then pinpoint the best location your property should sit.
The average two bedroom rental in Richmond costs around $1,300 a month. You'll want to make your rental competitive in price while still making a profit. As such, buying a rental property within a specific budget is the way to go. Try to keep the costs in mind as well, as many homes in Richmond are historic and as such take a little more upkeep than some others. You can see more information about rental trends in Richmond by following this link.
Safety and Security
Richmond is one of the more dangerous cities to live in, according to many crime lookout sites. However, those moving to our city will probably already be aware of this fact. With this in mind, renters are going to be looking for a safe and secure home. Well lit streets, locks on doors and windows, and good neighborhoods are the way to go. Buy a home that doesn't look like it belongs on the wrong side of the track, and renters are more likely to feel safe there.
While in other cities many renters would be looking for a new and modern place, Richmond differs a bit. With a city that is so rich in history and has such an abundance of historic buildings, many people are actually looking for the charm of an older home. This can be a little tricky for an investment property, though, as older homes are generally harder to keep up. When looking for a property, try to find one that won't give you too many problems with upkeep while still keeping that historic charm that so many people are looking for.
Renters are more likely to rent a home that comes with appliances then they are one that doesn't. For a renter, they're looking to save money, and buying an appliance is a cost that many aren't willing to pay. If the home you're looking at comes with appliances upon buying, that's a great way to save yourself some cash,
When buying a rental property, keep in mind your select demographic. Families with children are going to be looking for different things than a single student or young adult is looking for. However, with that in mind, the above items are generally universal to all renters. If you're looking for a more in depth guide to choosing your next rental property, follow this link. If you have any questions regarding purchasing an investment property in Richmond, feel free to contact us. We're always willing to help.
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