Depending on where you live tenants will look for certain features in a property before signing the lease. Do you know what those features are? In hot climates A/C will be a very important feature, and energy efficiency is on the rise too, but in an area like the CBD you can guess that parking will be at the top of a tenant’s ‘must have’ list.
We love the outdoors and having an outdoor space is ranked pretty highly as a desirable feature, having a place to sit outside to enjoy the good weather is a feature that we Aussies feel strongly about. This will become more and more relevant in the coming months when tenants are looking for a place to enjoy the weather. So if you are looking for new tenants, spend some time in the backyard sprucing it up to make it more attractive to prospective tenants.
Lets talk about storage. Storage is an issue for everyone, we never have enough space to put our things so there’s no surprise storage is an important feature that tenants look for. So if there are no built in wardrobes and you have one cupboard to store everything else, you may want to look at what can be done in that area. This could be the key difference in attracting excellent tenants.
When you are thinking about what your tenants are looking for, look at the property yourself, would you want to live there? You don’t have to love the style of the house, but would you live there if you were the person renting? Is there a good heating/cooling unit? Is there a place to enjoy a beverage outside on a balmy evening? Is there a place to park your car? What about storing your camping gear and bikes? Is there are sensible layout? (You don’t want to have to walk through the entire property to get to the only toilet in the house.)
Tenants are very similar to house buyers, they are looking for the same things. They want a safe, well maintained property in a good area that is close to amenities. The property itself has to satisfy their lifestyle needs. So if it’s a family they will need enough bedrooms and space, if it’s a professional person they will need a secure building with parking close to the CBD. I know that when you are looking at purchasing an investment property you are looking at the numbers, but make sure when you are assessing the property itself. Will it attract a wide rage of tenants, and do the features of the property to stack up next to other rentals in the area?
So what does your investment property have? Is there something that a lot of your prospective tenants have been asking for a lot lately?