Is Your Rental Live-able?
You can make all the right choices when buying an investment property, but when it comes to luring high quality tenants, if your property doesn’t have what they want, then you’re going to struggle maximising your investment return.
With some insight and a little extra effort, you can make it much easier to attract and keep those perfect tenants, so your future as a landlord is prosperous and peaceful.
What A Quality Tenant Wants
One desirable feature that will always rate high on a tenant’s radar is location. When seeking out a new place to live, people always choose their location first. They’ll also pay substantially more to live in highly desirable areas. That’s why the CBD, inner city suburbs and popular lifestyle spots, are always in demand - access to transport, less time travelling and more amenities at their disposal.
Just like you, your tenants want to feel safe and secure. Properties with alarm systems and quality locks in place, have a positive impact and also make it easier for tenants to get insurance. Plus, if a tenant feels safe in their property, they’ll more inclined to stay long term – which is exactly what every investor wants.
The number of bedrooms in a property is literally a make or break decision for tenants. A wise investor will seek out a property that offers the ideal number of bedrooms for the target market so it can compete in the rental arena. For example, a family-friendly area will have a high demand for three or more bedrooms, whereas an inner-city apartment with two bedrooms, could be the hot ticket item for a tenancy in another area.
Despite the fact of whether they drive to work or not, most tenants own a motor vehicle. That’s why off-street or undercover parking helps attract a wider range of tenants.
Check out most tenancy applications and security garages, off street parking, and parking spaces are high up on their must-have list.
Tenants often get caught out having insufficient storage. They find themselves paying for expensive extra storage or having to sacrifice garage space to store extra items and sporting equipment. If you can offer them a property with an abundance of storage space, then you’re onto a winner.
Installing a reverse-cycle air conditioner won’t necessarily increase your home’s sale value, but it will definitely make it more appealing to tenants. Often, you’ll be able to charge slightly more for a place with air conditioning - and in a climate that is becoming hotter each year, it is a small luxury most tenants will go the extra mile for.
Modern Kitchens & Bathrooms
Both renters and buyers strongly consider the condition of the bathroom and kitchen when assessing a property. Although it may not be the final deciding factor, most renters prefer to live in a modern or updated home. Renovating a bathroom or kitchen doesn’t have to cost a fortune, yet can make a dramatic difference in both presentation and value.
We live in a beautiful country with a penchant for outdoor living, so its no surprise tenants adore a property with a wonderful outlook and some entertaining space. A balcony, deck, courtyard or even small garden terrace, can add considerable value to a property, and often be the difference between a high stack of applications or zero interest.
This article is for general informational purposes only and must not be taken as legal, financial or any other professional advice. We recommend obtaining advice specific to your situation before making decisions relating to your investment property and financial position.