If you want to invest in your next single-family Liberty rental property, you may be comparing each substitute against your property wish list. So where does “proximity to a school” rank on your list – and should it be on there at all? It’s a perfect question since a surrounding amenity like a school could be either a bonus or a serious drawback, depending on who your renter demographic is. To realize if buying a rental near a school is a good idea or not, you should first examine both the advantages and disadvantages of doing so.
Advantages of Owning Property Near a School
Undoubtedly, the biggest advantage to owning a single-family rental house near a school is that it may appeal to renters with school-age kids. Getting kids to and from school can be a major problem, primarily for working parents. Consequently, being able to tell prospective tenants that their kids can walk to and from school could be a big selling point.
One more excellent advantage of buying a rental property near a school is the increased opportunity for your tenants to become friends with other parents nearby. Too frequently, renters believe that they don’t have many chances to get to know their neighbors. Yet, living near a school could help facilitate neighborly interaction and help your tenants feel connected to the community. That, in turn, can help boost your tenant’s satisfaction and eagerness to stay in the home longer.
Ultimately, the greatest advantage of buying a rental house near a school is that it might make it easier to sell when the right moment comes to do so. Homebuyers with kids and other investors who rent to families may both be happy to offer more for a property with a nearby amenity like a school. That can assist in guaranteeing that you can sell your investment for the optimum possible return.
Disadvantages of Owning Property Near a School
For sure, there are a handful of reasons why you should think twice before investing in a rental house near a school. Roads surrounding schools may commonly witness higher traffic, vehicles, and pedestrians throughout the day. The increased traffic can sometimes make it challenging for tenants to get in and out of their driveway at certain times of the day or even result in vandalism or littering.
Depending on how close the property is to the school, being nearby could also mean your tenants will have to deal with the nuisance of parents and staff parking in front of the property. The limited parking will not only cause problems for your tenants or their guests, but it can also give rise to oil stains, trash, or other inconvenience.
Lastly, living near a school typically leads to more daytime noise. If your tenants do not have kids, work from home, or desire a quiet neighborhood, they may feel unhappy by the sounds of children playing on the school playground or people and cars passing back and forth multiple times a day. A noisy street or neighborhood can become a big deterrent for tenants trying to relax in their rental home quietly.
Anyway, is owning an investment property beside a school a good idea? That depends! Every rental property owner’s situation is incomparable, which indicates that you are the best person to know whether a nearby amenity like a school would be a plus or minus for your tenants.
No matter where you are in your investing career, it can be very helpful to get the advice of a local market expert. And we are here waiting for you! Contact Real Property Management Principles to learn how our Liberty property managers help rental property investors determine whether an investment property is a suitable match for your portfolio.
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