There is a growing trend of singles looking for rental properties as opposed to buying homes. Rentals are cheaper, easy to maintain and offer the flexibility of easy relocation due to job demands or study requirements. Property owners interested in renting out their homes to single tenants need to understand the unique requirements of this segment.
For owners who are navigating this category of tenants, following is a list of some must haves that single renters prefer in a rental property:
- Safety: Safety and security are high priority considerations for singles living in rental homes. They appreciate features such as attached garages, secure locks on windows & doors, well-lit streets, emergency assistance and so on.
- Fun: Location plays an important role for single tenants as they prefer living in areas that offer nightlife, a cultural scene, fitness centers and entertainment hubs like restaurants, malls, museums and the like.
- High Speed Internet: A high speed internet connection is almost non-negotiable for singles. For most of them an internet connection is essential for their work, studies and even for fun and entertainment.
- Open Floor Plan: Open floor plans are a convenient option for singles as they require less upkeep and maintenance and are great for entertaining. Singles prefer such spaces as they can be customized as per their liking and require less furnishing.
- Convenience: In most of the cases, single renters are either students or working. The last things they want to come back to at the end of a long day are home maintenance tasks. They prefer rentals that are easy to maintain and are minimalistic in terms of the number of rooms, landscaping, etc. Single renters want minimum responsibility when it comes to the rental. They appreciate properties with new appliances and amenities such as in-unit washer and dryers.
- Accessibility: Singles prefer rentals with accessibility to transport links such as tram stops, bus stops, tube stops or train stations. The ease of accessing their places of work and recreational centers is a prime consideration for singles.
- Appearance: Singles perceive well-maintained and good-looking property as property with minimum requirements for repair and maintenance. Working on the appearance of rental property can be beneficial for attracting single renters. A few tweaks such as new plumbing, updating the electrical and HVAC systems, hardwood flooring, kitchen and bathroom renovations, etc. can prove instrumental in attracting singles.
- Affordability: The amount of rent is a huge consideration for singles. When looking for rentals, singles want a home that is financially viable. They are not interested in a great-looking home with the latest interiors, furniture or top-notch amenities. All they want is a clean, well-maintained and affordable place to live.
While buying or renting a house, one of the important considerations is the type of house. If you are considering a condo or a townhouse but are yet to decide between the two then do some research on how they differ and take a decision accordingly.
Following is a comprehensive list of differences between the two which will help you take an informed decision:
- Definition: A condo refers to a housing structure in a building comprising of other housing structures similar to it. A townhome on the other end refers to housing units sharing walls but standing independently in rows.
- Architecture and Amenities: Condos are like apartments within a single complex. However, within this structure, they can come in various styles such as a cul-de-sac of cottages or a part of a high-rise building. Often they provide community amenities like clubs, a golf course, pools, gyms, roof access and so on. Townhouses are like single-family homes. They usually consist of two floors with a back or front yard. Also, community amenities are very rare in townhouses.
- Ownership: The person living in a condo owns the interiors as well as the exclusive area he lives in. However, the building and grounds are owned by an association. Also, condos are governed by legal statutes. However, in a townhouse, you own the land, interiors and a yard or deck if any.
- Resale Value: As far as the resale value of a condo is concerned, there is less to worry about when it comes to the upkeep and appearance of the building. Regarding townhouses, you will have to go an extra mile in ensuring your property looks appealing to prospective buyers.
- Home Insurance Rates: Home Insurance rates of condos are lower as the insurance is limited to interiors of the condo only. In case of townhouses, owners will have to insure both the exterior and interior which results in higher insurance rates.
- Fees: Condo owners are liable to pay homeowners association fees and maintenance fees every month. Their maintenance fee tends to be higher due to shared spaces and amenities. Owners of townhouses are also expected to pay HOA fees but the maintenance fees is negligible.
- Privacy and Safety: Townhouses offer more privacy as compared to condos. However, as far as safety is concerned, condos are considered to be safer.
For more information on properties, call Lone Star Realty & Property Management, Inc. at (254) 699-7003, Inc. or visit 1020 W Jasper Drive, Killeen, TX 76542.
All businesses are adapting to the requirements of the digital age in order to stay on top of the game and real estate is no exception. It has almost become the norm to search for a property online before consulting an agent. Today’s typical buyer uses his mobile phone to make property searches online. Extensive information; in the form of websites with high quality photos, details of the buying process, home listings, comparisons and much more; is at the disposal of a potential customer.
Real Estate Digitalization
The present day real estate scenario has blended with digitalization to such an extent that one cannot do without the other. There is still a place for a rental agent but at the same time, a new and important digital real estate spots are also developing at a fast pace. It is in the best interest of a real estate business to catch up with this change.
Digital transformation has changed the way real estate functions. As with everything else, the online real estate scenario is becoming customer centric. Everything is done to improve a customer’s experience. Customers will flock to the business that pampers them, understands them and offers them the best quality for their buck.
Let’s take a look at some ways in which real estate is transforming with digitalization:
- Rental: If you own a rental and don’t go digital, you are missing out on potential clients. Clients, these days, want to go online and explore the listings of different rental agencies, make comparisons, view virtual showings and more all from the comfort of their homes. To fulfill this need of potential renters; rental agencies are adopting digital listings, offering virtual showings, showcasing the best parts of their properties on their websites, integrating social media for more visibility, etc. Going digital has been shown to significantly reduce costs and save time.
- Online Scheduling: Most of the real estate organizations are scheduling visits online. Online scheduling makes the visiting process simpler and encourages applicant self-service. Applicants are directly linked to an agent’s schedule. Agents are contacted about new showings through intelligent online systems and are also provided with the applicants contact information. This minimizes cases of double-booking and helps agents manage their time more efficiently.
- Prevention Of Fraud: Real estate in the digital age calls for additional security from issues like identity theft, bad applicants, fake bank statements and more. To offer protection from such issues, various specialized services are available to confirm an applicant’s identity, uncover doctored information and conduct a background check process.
- Digitizing The Application Process: Another important aspect of adapting to the digital age is to standardize the online application process for a clear and escalated process. It is recommended to use online verification software for a faster and reliable application process and prompt signatures in real estate deals.
Lone Star Realty & Property Management, Inc. provides real estate services in Killeen and offers online listings, virtual tours and easy payment options via secure online portal. To know more about the services, visit the office at 1020 W. Jasper Dr. Killeen, TX-76542 or call at (254)699-7003.