If you’re preparing to invest in your next single-family Bridgewater rental property, you may be studying each option 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 great question since a local amenity like a school could be either a bonus or a serious drawback, depending on who your renter demographic is. To determine if buying a rental near a school is a good idea or not, you need first to check both the advantages and disadvantages of doing so.
Advantages of Owning Property Near a School
Possibly the biggest advantage to owning a single-family rental house near a school is that it may appeal dramatically to renters with school-age kids. Bringing kids to and from school can be a significant hassle, mostly for working parents. This is why being able to tell prospective tenants that their kids can walk to and from school could be the main selling point.
One more big advantage of buying a rental property near a school is the enhanced chances for your tenants to become friends with other parents nearby. Generally, renters consider that they don’t have many chances to get to know their neighbors. However, living near a school could help facilitate neighborly interaction and help your tenants feel that they belong to the community. That, in turn, can help boost your tenant’s satisfaction and decision to stay in the home longer.
Lastly, the final important advantage of buying a rental house near a school is that it might make it easier to sell when the appropriate moment arrives. Homebuyers with kids and other investors who rent to families may both be likely to offer more for a property with a nearby amenity like a school. This might assist you in securing that you can sell your investment for the best possible return.
Disadvantages of Owning Property Near a School
Clearly, there are several considerations why you should think twice before investing in a rental house near a school. Roads around schools tend to experience higher traffic, vehicles, and pedestrians throughout the day. The increased traffic can sometimes make it stressful for tenants to get in and out of their driveway at certain times of the day or even result in vandalism or littering.
Depending upon how close the property is to the school, living nearby might also imply your tenants will have to deal with the nuisance of parents and staff parking in front of the property. Not only can limited parking generate difficulties for your tenants or their guests, but it can also result in oil stains, trash, or other concerns.
Ultimately, living next to a school normally comes with increased daytime noise. If your tenants do not have kids, work from home, or want a quiet neighborhood, they may get disturbed by the sounds of children playing on the school playground or people and cars passing back and forth multiple times a day. A noisy street or neighborhood can become a big deterrent for tenants who want to enjoy their rental home with peace.
So, is purchasing an investment property next to a school a good idea? That depends! Every rental property owner’s situation is unique, which proves that you are the best person to know whether a nearby amenity like a school would be helpful or unfavorable 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 help with that! Contact Real Property Management NJ Elite to learn how our Bridgewater property managers help rental property investors assess whether an investment property is a great fit for your portfolio.
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