Investing in real estate in the Denver, Colorado area, is similar to other parts of the country in some aspects. All renters want easy access to their jobs, public transportation and recreation. If you are new to real estate investing, it pays to rely on the expertise of a Denver area residential property manager to market your property and enforce the lease. You can tip the scales in your favor by investing in properties with features that are in higher demand. Because landlords and property managers typically do not let renters make major renovations or changes to a rental property, renters are more concerned about the features, upgrades and flooring in a home they rent. Unlike homebuyers who can change anything they want, renters know they are going to have to live with design aspects of a rental home. To make your rental home more appealing, focus on the things that matter most: location, square footage and, finally, the design choices.
Popular locations for Denver rentals
Denver-area renters want to enjoy recreation, parks and the mountains. If you are looking for real estate investments, consider buying in Castle Rock, CO. Investing in a condo or home in Aurora, CO, is another hot rental market area because it’s close to the new light rail line.
Size of homes most in demand
Renters want as much space as possible for their money. If you can find an investment property with a finished basement, it gives renters more livable space. Three bedrooms and two bathrooms are popular with renters, although you can demand more money for a four-bedroom home. Renters also like homes or condos with high ceilings and plenty of light.
Design choices that entice renters
Some of the features that renters love include a fireplace, deck, wood floors and granite countertops. Although it’s a bonus to provide a washer and dryer, some renters will be happy just to have a washer/dryer hook-up. Of course, most renters would love a home with all trendy porcelain tile, custom cabinets and designer touches, but it’s not practical for most property owners to invest tens of thousands in a property unless it’s a luxury home.
At Legacy Properties, we are proud members of the NARPM, the National Association of Residential Property Managers. For more information on investing in real estate in one of the hottest rental markets in the country, please contact us.