If you’re going to invest in your next single-family Milford rental property, you may be checking each choice 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 because a nearby amenity like a school could be either a bonus or a serious drawback, depending on who your renter demographic is. To recognize whether buying a rental near a school is a good idea or not, you must first weigh both the advantages and disadvantages of doing so.
Advantages of Owning Property Near a School
Perhaps the biggest advantage to owning a single-family rental house near a school is that it may appeal highly to renters with school-age kids. Getting kids to and from school can be a real inconvenience, primarily for working parents. That is why being able to tell prospective tenants that their kids can walk to and from school could be a strong selling point.
One more fantastic advantage of buying a rental property near a school is the increased chances for your tenants to become friends with other parents nearby. Too often, renters assume that they don’t have a lot of chances to get to know their neighbors. However, living near a school could help facilitate neighborly interaction and help your tenants feel closer to the community. That, in turn, can help boost your tenant’s satisfaction and willingness to stay in the home longer.
At last, the best 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 inclined to offer more for a property with a nearby amenity like a school. This might assist you in ensuring that you can sell your investment for the best possible return.
Disadvantages of Owning Property Near a School
Definitely, there are a couple of arguments why you should think twice before investing in a rental house near a school. Highways surrounding schools tend to see higher traffic, vehicles, and pedestrians throughout the day. The increased traffic can sometimes make it difficult for tenants to get in and out of their driveway at certain times of the day or even result in vandalism or littering.
Contingent upon how close the property is to the school, inhabiting nearby may also mean your tenants will have to deal with the nuisance of parents and staff parking in front of the property. Not just can limited parking pose a problem for your tenants or their guests, but it can also produce oil stains, trash, or other inconveniences.
To sum up, living close to a school frequently leads to more daytime noise. If your tenants do not have kids, work from home, or want a quiet neighborhood, they may feel frustrated 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 who wish to enjoy their rental home quietly.
So, is buying an investment property close to a school a good idea? That depends! Every rental property owner’s situation is unique, which implies that you are the best person to know whether a nearby amenity like a school will be beneficial or detrimental 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 assist you! Contact Real Property Management Diamond to learn how our Milford property managers help rental property investors identify whether an investment property is a nice choice for your portfolio.
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