You may be considering each option against your property wish list if you’re planning to invest in your next single-family Newport News rental property. So, where does “proximity to a school” rank on your list – and should it be on there at all? It’s a great question because a close at hand amenity such as a school could be either a bonus or a serious drawback, depending on who your renter demographic is. To determine whether buying a rental near a school is a good idea or not, you must first weigh the advantages and disadvantages of doing so.
Advantages of Owning Property Near a School
Perhaps the major advantage to owning a single-family rental house near a school is that it may appeal greatly to renters with school-age kids. Fetching kids to and from school can be time-consuming, mostly for working parents. This is why being able to tell prospective tenants that their kids can walk to and from school could be a big selling point.
Another excellent advantage of buying a rental property near a school is the increased opportunities for your tenants to become friends with other parents nearby. Too often, renters feel like they don’t have many opportunities to get to know their neighbors. But living near a school could help facilitate neighborly interaction and help your tenants feel like part of a community. That, in turn, can help boost your tenant’s satisfaction and willingness to stay in the home longer.
Ultimately, the last great advantage of buying a rental house near a school is that it might make it easier to sell when the opportunity arises to do so. Homebuyers with kids and other investors who rent to families may both be eager to offer more for a property with a nearby amenity like a school. That can help guarantee that you can sell your investment for the uppermost possible return.
Disadvantages of Owning Property Near a School
Irrefutably, there are a few factors why you should think twice before investing in a rental house near a school. Streets near schools tend to encounter higher traffic, vehicles, and pedestrians throughout the day. The increased traffic can sometimes make it more challenging for tenants to get in and out of their driveway at certain times of the day or even result in vandalism or littering.
Irrespective of how close the property is to the school, settling nearby might also imply your tenants will have to deal with the nuisance of parents and staff parking in front of the property. Not only can limited parking cause troubles for your tenants or their guests, but it can also bring about oil stains, trash, or other problems.
Lastly, settling close to the school typically leads to more daytime noise. If your tenants do not have kids, work from home, or want a quiet neighborhood, they may feel disturbed by the sounds of children playing on the school playground or people and cars passing back and forth multiple times a day. An earsplitting street or neighborhood can become a big deterrent for tenants trying to enjoy their rental home silently.
Consequently, is obtaining an investment property near a school a good idea? That depends! Every rental property owner’s situation is individual, which implies that you are the best person to know whether a nearby amenity like a school would be a benefit or drawback 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 to help you! Contact Real Property Management VA Peninsula to learn how our Newport News property managers help rental property investors decide whether an investment property is a suitable option for your portfolio.
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