With housing affordability in sought-after areas, a continuing challenge in Australia, people continue to rent their dream home while they either buy somewhere else (rentvesting) or save to buy a place of their own eventually. For families and those looking to create some roots in a particular area, making your property a dream for prospective tenants will help you attract good, hopefully, long-term tenants. Here we outline a few things you can do to make your investment property a dream home for prospective tenants.
A little spending goes a long way
Some landlords are reluctant to spend any money on their property. As a result, it may be vacant for longer between tenancies and be unable to keep up with market growth in rental prices in your market. This is where a little spending on some quality features goes a long way in not only attracting quality tenants but making your property stand out amongst the other available stock.
Buy quality appliances
High-quality appliances will cost a little more to start with, but these items tend to have a longer life and less risk of frequent breakdowns. Remember, If you wouldn't be happy with it in your home, then don't buy it!
Go minimal and classic
It might be tempting to buy fancy and modern fixtures, fittings and appliances, but this spending may go to waste if the items look dated in a year. Stick with minimal and classic looks with fixtures such as downlights and clean, classic ceiling fans (if you need those).
Keep it simple
Following with the minimal and classic theme, make sure your property is a clean and bright blank canvas for prospective tenants to make their own. Resist the temptation to overly design the spaces in your property or furnish it (unless that's appropriate for your space).
Climate control is key
If you're not living in it, you may not be too fussed about whether your property has heating or cooling. For prospective tenants, however, this can be a dealbreaker. Where you can, provide built-in heating and cooling. A split-system air conditioner in main living areas, and bedrooms if the budget allows, will go a long way in providing comfort while ensuring your property attracts discerning, quality tenants.
Make the property presentable for inspection
Just like buying a home, prospective tenants want to walk into a property, feel "wow factor”, and see themselves living in the property. If your property is currently tenanted and they are on the messy side, you could offer to have a cleaner come to the property for free a day or two before the inspection.
Attracting quality tenants can feel elusive sometimes, but with some careful investments in your property and consideration of what might make your property a dream home, you'll have a higher likelihood of making your property stand out.
Remember, this article does not constitute financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.