Increasing the appeal of your rental property
When deciding to rent out your property you have one ultimate goal, that is - to secure a good tenant, quickly. But with hundreds of competing properties often available for rent at the same time, it is important to ensure your property is attractive to potential tenants.
Fortunately there are a few things you can do to increase the appeal of your property, and encourage a higher rental return in a quicker time frame.
To start with, think about your target market. Who are you preparing your home for?
Professionals will look for convenience, security and modern fittings and fixtures. While families will want space, storage and a well designed layout, as well as the option for additional features such as a good sized backyard and swimming pool. Establishing who your target market is, is the first step you need to consider before tailoring your home to suit a potential tenant's needs.
We have listed some of the areas which can increase the appeal of your property below:
An updated kitchen
Everyone knows just how important kitchens and bathrooms are when it comes to selling or renting your home. The kitchen must be functional and offer space, and convenience. If your kitchen is looking a little out-dated, consider adding a fresh coat of paint, or replace the door handles on the cupboards. You may also wish to replace an old bench top, or install a new sink to improve the appearance of the kitchen.
An out-dated bathroom which has significant signs of wear and tear is going to let your property down, and give potential tenants a reason to walk away. There is a simple cost effective way to improve the appearance of your bathroom without needing to completely redo the bathroom. Replacing taps, shower heads, shower glass and updating light fittings are all simple ways to improve your bathroom. These simple improvements should be discussed with your builder or plumber as specialists within this field prior to making any changes.
Potential tenants will often be looking for a property which offers additional fixtures such as appliances included in the rent. Types of fixtures which are sometimes included are, a dishwasher, washing machine or dryer, stove top and oven. Ensuring these appliances are clean and in good working order will save you a lot of money long-term. It is also recommended that you supply the tenant a copy of the manual on the appliance, so they have a clear understanding on how the appliance works.
Fresh blinds & curtains
Installing new window fittings can instantly improve the feel and appearance of the interior of your home. Consider block out blinds, or roll down fabric blinds which are easy to wash and use. A blind which allows privacy, convenience and the option of incoming light whilst still having the security of not being able to see all the way into the property is recommended.
Clean carpets and flooring
Dirty carpets look and smell bad, and can harbour dust and dirt. If your carpets are more than 5-years old and are starting to look a little bit tacky or dirty, you should consider upgrading them. Having clean well kept flooring can make a huge difference in ensuring your property feels well kept and homely.
Clean walls and ceilings
Dirty walls with outdated peeling paint, and an array of different colours, can make your property look and feel unkempt. Hiring a professional painter can be an expensive task, therefore, most investors choose to paint the home themselves. Ensure you have neutral colours, have filled in any holes or cracks, and cleaned off any dirty marks on the walls, this will greatly improve the appearance of your home.
Fixtures on a property can become worn quickly over time. They can also become out-dated every 5+ years. Fixtures are a simple way to increase the overall appearance of your property. Tenants will be looking for fixtures that are physically appealing and easy to use. Fixtures include things such as, letterboxes, light switches, door knobs and fly-screens.
In conclusion, take time to think about the potential tenant you are looking for. Think about what would attract you to the home, and what areas of the home you consider to be a downfall to the overall appearance or functionality of the property. Ask your friends, neighbours and family what their thoughts are on the property. They may suggest items you have not even noticed or considered to be an issue. Likewise, your local real estate agent will also be able to assist you with recommendations.
Giving your property its best street appeal, will in return attract better tenants, and a greater return on your investment.