If you’re not appealing to tenants, you could face long periods with an empty property generating no income at all. You may even be forced to reduce your prices just to get someone in. So, how do you turn your property into a place tenants desire and enjoy living in? What are the property features good applicants find most desirable and appealing?
1. Location, location, location
If you’re yet to buy a rental property, choosing a good location is the key. Tenants old and young like to be in an area with neaby local amenities, shops, parks and cafes. Keep an eye out for properties that offer a view. Even the view over an urban landscape has its attraction. Transport links are also important for would-be tenants. Nearby bus stops, train station or even major roads can all boost a property’s attractiveness to tenants.
If you’ve already purchased your investment property and you feel the location isn’t ideal for your tenant then try to ensure your rental advert focuses more heavily on its other great attributes to make up for the lack of an appealing location.
2. Storage space
Storage space can be a really important commodity, especially for those looking to let long term. This may not be as important if your ideal target market are students, as they have fewer possessions. But if you’re looking for tennats who want to stay long turn and settle, storage is essential. For properties you already own, think about how you can maximise storage. Do you have a shed? Can your turn dead space into a cupboard? Can they access attic space? Providing tenants with a variety of storage options, is going to help rent any property.
3. Fresh coat of paint
Tenants spend most of their quality time at home with their friends and family. It’s understandable, then, that they want a pleasant and modern environment to come home to. If your interior is looking dated, then sprucing it up can make all the difference. The simplest way to create a covetable property is with clever use of colour. The cost of investing in a fresh coat of paint is minimal but will provide one of the greatest returns. A clean, freshly painted attractively-presented property is always going to be the biggest draw card to the tenant market.
4. A low maintenance property
It is important to make your tenants feel like the property is low maintenance with easy-care gardens. When it comes to backyards, it is important to investigate the demographics of an area. If you’re looking to rent mostly to families, nice grassy garden with plenty of space for children to run around will be a hit. Simple, smart and effective lawn sprinkler system might be worth installing to attract long term tenants. Though singles and professionals, might find having to take care of lawns a chore, so properties with balconies or small outdoor space to enjoy sunshine and fresh air will be able to attract more tenants
5. A clean appearance inside and outside
Curb appeal gives a lasting impression. If the exterior of the property doesn’t live up to the tenants expectation, then they may not even go inside to view it. Make sure your lawns, gardens and driveways don’t look overgrown, but neat and tidy. Rooms that feel inviting and private are always desirable. Tenants will usually want to make a place feel their own, and that’s easier to do with a blank canvas. Make sure the rooms are super clean and new carpets are always a winner. Also, a nice fresh scent in the room will add that touch of magic.
All investors want great long-term tenants who pay rent on time and look after your property as if it was their own. It’s your job as a property owner to make sure your rental is the type of home perspective tenants can’t wait to enquire about, inspect and secure.