What Makes a Good Orlando Rental Property?

As a new investor in rental property, you may be nervous about making that first purchase. Do you know what things to consider that will entice renters? If you have ever rented a home yourself, then you may know what appeals to renters . Today, homes are renting to families, professionals, or others who desire a less burdened lifestyle.  Other renters are new to an area and want to live in a rental home before they commit to buying a home. Your Orlando Real Property Management Freedom team will help answer your questions during your purchasing phase.

Here are few suggestions from professions investors:

1) Find homes that have been built in the last 15 years. Because this will help lower your maintenance costs and save you money in the long term. Ask questions to determine if the home has been property maintained by the owner; and

2) Look for homes that are not on busy streets, and have fenced yards. These features are more appealing to potential renters.  Because, there are many homes in Central Florida that have pools it is important to have adequate insurance.  However, these increased liability and problems if the pool is not maintained properly.  Therefore, a pool home should not be your first choice in an investment property; and

3) Rental homes should have a minimum of 3 bedrooms and 2 bathrooms. These homes are in high demand especially in neighborhoods near universities. So here are a few: Waterford Lakes, Stoney Brook, Avalon Park, and Spring Isle.   So much of Central Florida is experiencing significant increases in property values.  However, it is still the location of the property that matters.  Look for areas with improving property values; and

4) Consider the proximity of the property to things that people need and desire. Such things as: Schools, public transportation, major highways, shopping, dining and Orlando area attractions; and

5) Finally, be aware of HOA (Home Owners Association). They have fees for violations of rules. So be sure to know what the HOA rules are and how you will enforce them with your tenants.  As the property owner, you are responsible.

Summary

In conclusion, remember that the decisions you are making in the purchasing process will affect your long term investment return. The property type you choose will affect the potential tenants you attract. These are just a few of the things to consider in purchasing rental property. Some areas to consider are: Waterford Lakes, Riven Pines, Union Park, and Stoney Brook. There are many communities in the Metro-Orlando area. Therefore, before you buy, be sure that you know the area well. At Real Property Management Freedom, it is our aim to help you enjoy the benefits and freedom that owning investment properties will bring, without the headaches.