When you’re looking for a Fayetteville investment property, you need to pay attention to these 5 W’s.
First, where is the property located? Location means a lot to good Fayetteville tenants. They want homes that are close to major transportation networks, and within walking distance to good schools. Before you buy a Fayetteville property, make sure its location will be appealing to your ideal tenants.
Properties tend to rent faster in the spring and summer months, so try to time your vacancy around that period. You’ll still be able to rent out a property that’s in great condition in the winter, but you are likely to get a higher rent and avoid a longer vacancy period when you’re marketing your home during the preferred season. Try to structure your leases so they end in the late spring or early summer.
The most successful Fayetteville landlords offer single family homes that have three bedrooms, two bathrooms, and about 1,500 to 1,800 square feet of space. Additional amenities like a two-car garage, a fenced yard, or nice landscaping will also help you attract better tenants and charge higher rents.
The Fayetteville area is an ideal place to invest for a number of reasons. Our economy is growing, jobs and businesses are moving into the area, and we have a major university in the city. There are also lovely trails and a lot of opportunity for recreation, shopping, and dining. People love living here, and you’ll find there’s a pool of stable, long-term tenants who are looking for nice homes to rent.
Your best tenants fall into a number of categories. They may be relocating to the area for work, on temporary leave from an assignment or a military post, in the middle of a divorce, or looking for a retirement home. An investment here can help you balance your portfolio because the cost to buy property is still relatively low, but our rental rates are climbing.
These 5 W’s will help you get started on your Fayetteville investment plan. If you’d like to hear more about how a Fayetteville property management company can help you, please contact us at Allred Properties.