As a property investor or a landlord looking to buy,to let or prepare your place for rent, it is imperative to ignore any and all personal preferences and instead ask yourself, “what would a tenant want?”
Now you can contact me, a real estate professional, to intimate to you what I think tenants want, from my years of interaction with them, or you can try and wing it. Because I’m an all round nice person,I’m going to give you tips to be able to ‘diy’ this.
I can’t stress on this enough. Depending on the type of rental property we’re talking about and it’s geographical location, almost every single one of your tenants will have a car or have people with cars coming to visit. Comfortable parking is one the most essential points for house-hunters. No one wants to park their car and wake up to find parts missing because they weren’t provided safe parking spaces in the homes they’ve rented. A property without adequate parking space doesn’t do well on the rental market.
I recently inspected a build to let property, a block of apartments, nicely built, but without yard space and no sitting or relaxation area for guests to sit to have some fresh air. This saddened me because I could just see on my mind’s eye, the value of the property plummeting as the owner told me there was no leisure area. Having a place to sit, relax and enjoy some fresh air at the end of the day cannot be underestimated. If you have no yard space or rooftop spaces or a garden to sit in, at the very least, jazz up the balconies with seating, some plants and a nice chandelier. Balconies can be small, yes. But with the right decor, it can feel just as relaxing as a garden if set up properly. You don’t even have to use real flowers and real grass. The devil is all in the decor details.
Until one has bought or built their own home, I consider them a nomad essentially, which means they carry their possessions with them from house to house. Over the years, their items especially clothes increase exponentially. They need somewhere to store all of it.
I always advice built-in closet and extra storage space so that people don’t drag in their wardrobes and scuff your walls or leave holes and nails in your walls trying to find space to hang their stuff.
For renters everywhere, storage is king.
The value of your property is largely determined by the amenities contained therein; pools, gyms and other fancy communal spaces are essential if you want to increase the value of your property.
If you can’t afford any of these, at least make a cozy garden lovers can sit in or kids can run around in, for your tenants. They’ll appreciate it more than you think and this will increase your property’s rental value.
Make the property a blank canvas. I always paint apartments I’m letting in white and grey. It’s generic, favored by both sexes, and works well with different colors. Painting White makes a space bigger and livelier that it actually is. This will also help sunlight bounce off the walls. A neutral color such as white will help you achieve this.
This is the most important component of your rental property. Sunlights boosts good moods and promotes joy. Use big windows to let in more natural light and adequate air. This will also save electricity as lights won’t get turned on too often and ac’s aren’t frequently operated due to good ventilation.
If you’re buying an already built property, make sure to request a unit facing southward. You get more light in from that direction.
Getting your rental property off the market can be difficult for a variety of reasons; location, price, oversupply of properties in your area, poor quality photography, general conditioning and its presentation.
However with the solutions proffered above you should be well on your way to getting yourself some good quality tenants.
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