One of the best investments you can make is a rental property. Many tenants are looking for a space to stay in long-term. It’s a passive income, requiring little maintenance, especially if the tenants take good care of the property. If this is your first time venturing into this type of business, it helps to know the common things that tenants often look for to help you find the best property and how to prepare it before advertising it in the market.
Table of Contents
Location
When buying a rental property, consider the location, as it is also one of the top things tenants look for when finding a place to rent. A great option is one nearby establishment like supermarkets, malls, restaurants, pharmacies, and clinics, so they have quick and convenient access. If there are schools nearby, it is even much better, especially if you target families with kids.
Appliances
It’s a huge inconvenience for tenants if they have to purchase huge appliances, so they prefer rental properties that come with them. The most important appliances for tenants are a refrigerator, dishwasher, stove, microwave, and washer and dryer. The bathroom is also an area that they highly consider. So, if you can afford to add items like a shower cabin and accessories that will add to their convenience and comfort, consider doing so to get a better chance of attracting the best tenants.
Move-in ready
Tenants do not want the hassle of fixing things on the property. They want something move-in ready. So, double-check the place and fix whatever needs to be fixed. Clean it thoroughly, so they do not have to worry about that too. Also, if you are considering a shower enclosure or a shower box you must ensure proper installation so there would be no future issues with the water supply and plumbing.
Safety
Another thing that tenants consider when looking for a place to rent is its safety and security. Before you purchase a rental home, it pays to do a bit of research. Determine the crime rate in the neighbourhood to see if it is worth buying. Moreover, you can add security features to the house, increasing its value. Examples are security cameras and smart locks.
Parking area
It would be wonderful if the property had its own garage so tenants have their dedicated parking space. However, if it does not have one, it should have at least a parking area nearby, so it would not be inconvenient for tenants to find a space to park their vehicles.
Outdoor area
Not all rental properties have an outdoor area, but if you find one that has, it is a bonus because it will make the property more inviting. Many people nowadays want an outdoor living space to enjoy fresh air and nature even while at home. So, it will be an excellent selling point.
Consider your rental price too. Check the rate with similar properties around the neighbourhood to ensure your offer is competitive.
Image: https://pixabay.com/photos/kitchen-interior-design-oven-6914223/
