Investment Property: What Tenants Want
Owning an investment property is one thing, but if nobody wants to live in it then you’ve got a problem.
A crucial part of being a landlord is being able to find good tenants and keeping them happy.
If not, losing a tenant can be devastating on your wallet. Depending on how long the property is left vacant, the loss could set you back thousands.
If you’re thinking about buying an investment property, take the following into consideration:
What tenants don’t like
According to the Department of Fair Trading, many tenants complain about the same thing: repairs.
If something needs fixing, make the effort to have it repaired as soon as possible. Ignoring requests could leave your tenants frustrated and more inclined to look for somewhere else to live.
Attracting the right tenant
While having a good tenant is the aim, it’s also worth thinking about the kind of resident you’re after before purchasing an investment property.
For example, if the house or apartment is situated near a university, students will be likely tenants. Alternatively, houses close to schools and parks will attract families. Likewise, an apartment in the city or public transport would be perfect for a professional wanting to live close to work.
What tenants are looking for
Tenants aren’t silly, they’ve done their research and know what a property is worth. They will inspect a number of places and make their decision after comparing the pros and cons of each. So make sure the price you’re asking is fair.
Tenants need to feel safe where they live. An important feature for any rental is security. This includes deadlocks, window locks and security doors.
Equal size bedrooms
When it comes to the layout of a house or apartment, renters give preference to a property with equal size bedrooms. Having a huge master bedroom and a tiny second room isn’t an ideal scenario.
Another big one to look out for is natural light. A dark and dull living space could be the reason why a potential tenant decides to go with a different dwelling.
Comfortable living temperature
For some tenants, an air conditioner is a non-negotiable – especially when living in some of the hotter cities in Australia. Installing a cost-effective reverse-cycle air-conditioning unit, could be the difference between you and finding a great tenant.
There is a huge shortage of pet-friendly rental properties in Australia. Allowing pets could attract more renters to your property.
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