If you’re in search of investing in your next single-family Lubbock rental property, you may be reviewing each opportunity 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 valid question because a local amenity such as a school could be either a bonus or a serious drawback, depending on who your renter demographic is. To find out whether buying a rental near a school is a good idea or not, it’s imperative first to evaluate both the advantages and disadvantages of doing that.
Advantages of Owning Property Near a School
Maybe the biggest advantage to owning a single-family rental house near a school is that it may appeal immensely to renters with school-age kids. Sending kids to and from school can be a laborious responsibility, mostly for working parents. This is the reason why being able to tell prospective tenants that their kids can walk to and from school might be a key selling point.
Another superb advantage of buying a rental property near a school is the more chances for your tenants to become friends with other parents nearby. Usually, renters feel that they don’t have many possibilities to get to know their neighbors. However, living near a school could help facilitate neighborly interaction and help your tenants feel more connected to the community. That, in turn, can help boost your tenant’s satisfaction and urge to stay in the home longer.
Finally, the last important advantage of buying a rental house near a school is that it could make it easier to sell when the right opportunity arises. Homebuyers with kids and other investors who rent to families may both be inclined 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 upper limit possible return.
Disadvantages of Owning Property Near a School
Clearly, there are a couple of things to note why you should think twice before investing in a rental house near a school. Streets surrounding schools commonly encounter higher traffic, vehicles, and pedestrians throughout the day. The increased traffic can sometimes make it hard 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, dwelling nearby might also indicate 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 generate problems for your tenants or their guests, but it can also bring about oil stains, trash, or other issues.
Finally, staying near a school is usually results in more daytime noise. If your tenants do not have kids, work from home, or desire a quiet neighborhood, they may be irritated by the sounds of children playing on the school playground or people and cars passing back and forth multiple times a day. A loud street or neighborhood can become a big deterrent for tenants seeking to relax in their rental home peacefully.
So, is owning an investment property close to a school a good idea? That depends! Every rental property owner’s situation is unalike, indicating that you are the best person to know whether a nearby amenity like a school would be helpful or problematic 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 can aid with that! Communicate with Real Property Management Services to learn how our Lubbock property managers help rental property investors decide whether an investment property is a great fit for your portfolio.
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