Investors want properties that attract stable tenants and generate long term income. The best way to find investment properties in Utah is to look at areas that provide a lot of employment and industrial opportunities. These communities will have plenty of potential tenants, and that means your rental property will bring in regular income. The key to success is choosing a well-maintained property in a great neighborhood.
Business and Industry
The best markets for industry currently include Salt Lake and Lehigh. Companies have begun relocating their operations to Utah and the areas attracting corporations are excellent places to invest. You’ll find tenants who have good jobs, and the local economies will be strong. Another benefit is that the price tags on these properties will be a lot lower than what you’d pay for homes in large cities. Review the sales statistics from agencies like the National Association of Residential Property Managers (NARPM) or the National Association of Realtors. These organizations have entire databases that can tell you where sales are strong and what the properties are selling for.
The type of property you purchase depends on your personal taste and what kind of work you’re willing to do. Many investors prefer new homes that are in excellent condition and won’t require a lot of expensive repairs or replacements for many years. If you buy an older home, you’ll need to be prepared for a little extra maintenance in the first few years.
Look for established neighborhoods that don’t have a lot of resident turnover. These areas will be attractive to stable, responsible renters who will take pride in caring for the house. It’s a good idea to consider properties that fall under the rules and regulations of an HOA. While that might cost you a little extra in HOA fees, these communities are desirable and often provide amenities and good school districts. Remember that your rental property is a long term investment, so you want to find an area that will bring in a lot of diverse tenants. Most people want to rent in a neighborhood that has parks and shopping and recreational opportunities.
Work with a property management company that can help you choose the right investment property. Many professional companies will manage the properties they help you locate. Contact Sentinel Management Group if you need any help in identifying and managing a great rental home.