You may be likening each different against your property wish list if you’re going to invest in your next single-family Bullhead City rental property. So, where does “proximity to a school” rank on your list – and should it be on there at all? It’s a good question because a neighboring amenity such as a school could be either a bonus or a serious drawback, depending on who your renter demographic is. To decide whether buying a rental near a school is a good idea or not, you must first inspect the advantages and disadvantages of doing so.
Advantages of Owning Property Near a School
Possibly the biggest advantage to owning a single-family rental house near a school is that it may appeal considerably to renters with school-age kids. Carrying kids to and from school can be a real pain, mainly for working parents. Therefore, being able to tell prospective tenants that their kids can walk to and from school could be a good selling point.
Another excellent advantage of buying a rental property near a school is the increased opportunity for your tenants to become friends with other parents nearby. Typically, renters think they don’t have numerous chances to get to know their neighbors. However, living near a school could help facilitate neighborly interaction and assist your tenants to feel like a member of a community. That, in line, can help boost your tenant’s satisfaction and eagerness to stay in the home longer.
At last, the great final advantage of buying a rental house near a school is that it might make it easier to sell when the right time comes. Homebuyers with kids and other investors who rent to families may both be keen 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 greatest possible return.
Disadvantages of Owning Property Near a School
Then again, there are a few reasons why you should think twice before investing in a rental house near a school. Roads nearby schools usually meet higher traffic, vehicles, and pedestrians throughout the day. The increased traffic can sometimes make it more problematic for tenants to get in and out of their driveway at certain times of the day or even result in vandalism or littering.
Regardless of how close the property is to the school, residing nearby might 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 just create troubles for your tenants or their guests, but it can also produce oil stains, trash, or other headaches.
At last, living near to the school often leads to higher daytime noise. If your tenants do not have kids, work from home, or want a quiet neighborhood, they may be bothered 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 seeking to enjoy their rental home quietly.
So, is buying an investment property near a school a good idea? That depends! Every rental property owner’s situation is unique, which indicates that you are the best person to know whether a nearby amenity like a school would be a bonus or a serious 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 support you! Contact Real Property Management Northern Arizona to learn how our Bullhead City property managers help rental property investors evaluate if an investment property is an ideal fit for your portfolio.
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