Are you considering investing in rental property and wondering what type of property could provide you with the best return on investment? After more than 20 years of property management experience, JoGip Property Management recommends a specific blueprint that encompasses properties built after 1993, featuring brick construction, 3-4 bedrooms, 2 or more baths, a 2-car garage, all under 2100 square feet. In this blog post, we'll delve into the rationale behind this recommendation, based on our extensive industry knowledge and hands-on experience.
1. Modernity and Quality: Properties Built After 1993
Investing in properties built after 1993 ensures a modern foundation and adherence to contemporary building codes. These newer constructions typically have updated electrical, plumbing, and structural systems, minimizing maintenance issues and associated costs. A newer property is more likely to attract tenants seeking a hassle-free, up-to-date living experience.
2. Durability and Aesthetics: Brick Construction
Brick construction offers both durability and aesthetic appeal. Bricks are known for their longevity and resistance to damage from various elements, making them a low-maintenance choice for landlords. Moreover, the visual appeal of brick enhances the property's curb appeal, attracting potential tenants and potentially allowing for higher rental rates.
3. Demand and Comfort: 3-4 Bedrooms & 2 or More Baths
Properties featuring 3-4 bedrooms and 2 or more bathrooms cater to the needs of a wide demographic, including families, professionals, and roommates. This versatility in accommodation options increases the demand for your rental property, reducing the likelihood of extended vacancy periods. Additionally, multiple bathrooms enhance tenant comfort and convenience, contributing to tenant satisfaction and longer lease terms.
4. Convenience and Attractiveness: 2-Car Garage
A 2-car garage provides an essential amenity, especially for families and individuals who own multiple vehicles or value secure parking. It adds convenience and attractiveness to the property, making it more appealing to potential tenants. A garage also offers extra storage space, another attractive feature for many renters.
5. Manageability and Efficiency: Under 2100 sq ft
Limiting the property size to under 2100 square feet contributes to easier property management and cost efficiency. Smaller properties are generally easier to maintain, clean, and manage. They also tend to have lower utility costs, which can attract budget-conscious tenants and positively impact your property's overall profitability.
Conclusion
Investing in the right type of rental property is crucial for success in the real estate market. Based on our extensive property management experience spanning over two decades, we recommend considering properties built after 1993, with brick construction, 3-4 bedrooms, 2 or more baths, a 2-car garage, and under 2100 square feet. This blueprint is designed to provide durability, modernity, convenience, and appeal—all essential elements that contribute to maximizing your rental property's potential and ensuring a steady stream of income.
Are you ready to invest in the perfect rental property? Contact JoGip Property Management today for expert guidance and assistance in making a sound investment choice.
