A friend of mine has recently inherited some money and has decided to buy a house, which she intends to let out. She has though carefully about the sort of house that she would like to buy and of course this directly relates to the type of tenant that she wants to attract. This made me consider who makes the best tenants for property managers.
There is obviously a direct relationship between the type of client you have and the size or your property and of course the location of the accommodation. For example, large Victorian houses with no gardens located near universities are perfect for student lets, one bedroom flats with good network links are great for single business people and suburban three bedroom houses with a good sized garden are perfect for families. My friend has decided that she would like to attract the later, so is going to buy a three/four bedroomed house in a village location. As with buying a property that you are planning to live, if you are planning to buy a property to let you must know you niche market and their needs. Location is key! When they say location, location, location, they certainly mean it, so this should be your number one priority when selecting a property to let out. Things that you need to consider if you are going to rent out property to a family is that they will be looking at the vicinity of schools in the area and what their catchment school would be. Generally good schools are in good areas but occasionally you might live in a lovely area but the catchment school is less desirable and often people will more out of the area to get a suitable school placement. You are free to check out the schools OFSTED report to see how they are fairing and if they are an outstanding school you might even be able to ask more money for your property. Other amenities that you might want to consider when marketing your property might include the vicinity of the local parks and shops. With regards to parks, you ideally want them to be close enough to walk to but far enough away so that you do not get any problems with youths hanging out late at night. A corner shop is a god send to any busy working parent and again you can promote these to your client to get a better rate of rental for the property that you are marketing.
In my opinion, families are usually great tenants. They are often hard working and conscientious and take care of a property like it is their own. As with all properties there are never one hundred percent ideal tenants and this is true with families as often things get broken by children and walls might get scribbled on but as long as you are mindful of this you can have a good relationship with your tenants and a profitable one as well.