Far West Realty - Rentals and Propery Management in Prescott
 

How To Choose the Right Property for Investment

Consider who you will be renting to.

In general, the lowest risk, highest relative reward properties for beginners are single family dwellings or duplexes. Duplexes are often lower maintenance than single family homes and have smaller yards to make for easier grounds keeping. This leaves you only needing to worry about the interior. Since duplexes are not truly independent, however, they tend to garner lower rents and appreciate more slowly than other real estate investments. Single-family homes, on the other hand, tend to attract longer-term renters in the form of families and well to do couples. As a generality, couples and families are more likely to pay on time and be financially and behaviorally responsible.

Getting down to the specifics.


What does the average family want? The answer is a lot simpler than you might think. Some good luxuries to have in a house that will turn it from regular to “wow” are:

  • 2+ bathrooms - Many renters have children or friends that will stay over, and not having to share a bathroom is a major plus
  • Guest bedroom or office - The number of people working from home each year is increasing. Having a guest bedroom that can also double as an office is a major plus. If your target renter has a family, you may want to consider having 3 or 4 bedrooms and 2-3 bathrooms as well. This obviously increases the price and investment but can make the home more attractive to larger, more established families.
  • Back and front yards - Especially for families, a backyard is a must. Backyards are highly desirable as they open the way for higher rents, but also more improvements.
  • Small luxury improvements - Having a finished patio or basement, or double pane windows (or other things along those lines) are nice features that can make a basic house become very desirable to renters, as well in some cases potentially save you money. 
  • High-quality utility access - Lots of modern families rely on services like Netflix, Steam, and Facebook for entertainment. Having a high quality, high bandwidth internet service on site, among other utilities, can make or break a modern family.
  • Pet-friendly - Many families and couples may have pets, and a housing unit that supports that may well be worth the extra costs.
As mentioned last week, selecting the right neighborhood and the right property is only the tip of things to be considered. Investors often have common questions that need to be addressed, such as:
  • Do you intend to manage the property yourself?
  • Do you have a sound, working knowledge of the Arizona Residential Landlord-Tenant Act?
  • Do you have an attorney available, who can answer some of the more complex questions you may encounter?
  • Do you have the skills needed to repair and maintain the property yourself? If not, do you know are liable and trustworthy tradesman who can?
  • How far will you be willing to drive when needed to manage the property?
  • Have you considered a property management company yet? A rental manager is a valuable resource when it comes to the future of your investment property’s success. We can also help you to select a more profitable unit.
As we have outlined above, there are many things to consider when looking for the right rental property, we have only discussed the “where”and “what” to look for. Be sure to join Far West Realty’s Property Management Division for the next big question, “how finance your investment.” For more information on how we can help you manage your rental property in the Prescott, contact us today at 928-772- 9400

 

Posted to: Far West Realty’s Property Management Division

 

All Blog Posts

 

Do you own rental properties? Learn the processes for property management in Prescott by Far West AZ

Follow:

Far West Property Management on facebookFar West Property Management on google+Far West Property Management on youtubeFar West Property Management on tumblrFar West Property Management on blogger
Far West Property Management on facebook Far West Property Management on google+ Far West Property Management on youtube Far West Property Management on tumblr Far West Property Management on blogger 
© Far West Property Management | Photo Credits | Privacy Policy | Website Design by iPrescott Business Solutions
Review:
"We have very much enjoyed our apartment as renters with Far West Realty for several years now, and are happily satisfied in our dealings with Dave Hamill and his staff...." read more
- Tammy and Jim
 
Review:
"Working with Far West has been a pleasure. Dave and his office were responsive to questions and needs throughout my three years leasing from them. ..." read more
- Jim Bogner
 
Review:
"Dave Hamill at Far West Realty was my property manager on a single family house for several years. As an out-of-state owner, I relied on Dave for everything: tenant..." read more
- Kent
 
Review:
"I have been using Far West to manage my rental in Prescott Valley for approximately 7 years. I live out of the area know that things are being taken care..." read more
- Korina Elliott
 
Review:
"Dave Hamill and his team at Far West Realty have managed our property in Prescott Valley for the past five years. It has been an all around pleasant and worry..." read more
- Terry & Carol Bourque
 
Review:
"Dave Hamill and his team at Far West Realty have managed our property in Prescott Valley for the past five years. It has been an all around pleasant and worry..." read more
- Terry and Carol Bourque
 
Review:
"Dave, Re: Our Experience with Far West Realty We have had an excellent experience with David Hamill and his staff at Far West Realty. The goals of the owners and..." read more
- Ken & Diana Turner
 
Review:
"We originally contracted with another Property Management house in Prescott, but they proved that they were incapable of doing even the most basic of jobs (like keeping the power turned..." read more
- David Hresko
 
Review:
"I was a commercial property manager/leasing agent for 26 years in Newport Beach and I well know that it takes some very special skills and abilities in order to manager..." read more
- Cathy M. Prescott, AZ
 
Review:
"I\'ve had Far West for my property management for several years. They take care of everything and send me a check! They schedule regular inspections so that I..." read more
- Theresa Williams
 
Review:
"I have been associated with Far West Realty since it opened. Dave has handled my properties and he is excellent. This is the third property management company I have dealt..." read more
- Jane Deleeuw
 
Review:
"Great, dependable, and honest people that meet the needs of their customers..." read more
- Alex Spence
 
Review:
"Prior to using Dave Hamill at FarWest, I went thru so many management companies. I have been with Far West for many years now! When Dave says he..." read more
- Bernadette Lafferty
 
Review:
"My wife and I have used Dave's services since we bought our property in 2011. As absentee owners, we were concerned about managing our rental property and Dave and..." read more
- Larry Blachut
 
Review:
"Best property manager in Prescott area. Dave handled all aspects of the Leasing and managing of our single family home As an out of state owner,..." read more
- Judy Rosenberg
 
Review:
"Far West Realty has been my property manager in Prescott for the last six years. Dave Hamill and his crew have done a good job for me. They..." read more
- Jim F. Austin TX
 
Review:
"David Hamill is very conscientious and professional. If you are considering Far West Realty for property management services, you will be pleased with their expertise, care, and attention.  Your financial..." read more
- Kent K. Newport Beach, CA
 
Far West Property Management 5 out of 5 based on 17 ratings.
Far West Realty in Prescott AZ - Homes for Sale | Buy Land | Property Management
5 out of 5 stars We have very much enjoyed our apartment as renters with Far West Realty for several years now, and are happily satisfied in our dealings with Dave Hamill and his staff. The very few concerns or problems we have had with our unit have always been met with real consideration and responsiveness. Further, Dave and his staff are readily accessible and always courteous. Tammy and Jim
Far West Realty in Prescott AZ - Homes for Sale | Buy Land | Property Management
5 out of 5 stars Working with Far West has been a pleasure. Dave and his office were responsive to questions and needs throughout my three years leasing from them.
Far West Realty in Prescott AZ - Homes for Sale | Buy Land | Property Management
5 out of 5 stars Dave Hamill at Far West Realty was my property manager on a single family house for several years. As an out-of-state owner, I relied on Dave for everything: tenant selection, lease negotiation, recovery when a former tenant didn't pay the last month's rent, cleaning, maintenance, marketing, managing repair work, etc. Dave and his team were always professional, courteous, competent, and just nice people. I wholeheartedly recommend them!
Far West Realty in Prescott AZ - Homes for Sale | Buy Land | Property Management
5 out of 5 stars I have been using Far West to manage my rental in Prescott Valley for approximately 7 years. I live out of the area know that things are being taken care of. I have complete faith in Dave and his team in the oversight of my property. They are thorough and very prompt in any given situation. I love the fact that I know that the house is being taken care of with TLC. You can't put a price on piece of mind and that is exactly how I benefit from using them. I would strongly recommend using Far West for your management needs. You will not be disappointed.