For Investment Property Owners: What Do Tenants Want in a Property in 2016?
Attracting Tenants – the Key to Finding Great Tenants
It could be said that the more things change, the more they stay the same. This could also be true of your investment property, and what tenants want when looking for a potential place to live. Attracting tenants is one thing – but you want the right kind of tenants, and you want them to stay.
The most important attractant is location – and with the market set to fall, low prices in the major capitals will mean it’s a perfect time to buy in places like Sydney or Melbourne, and reap the benefits (after all, that’s why you’re becoming investment property owners in the first place). And if tenants can’t buy close to work, then they’ll purchase close to transport, so they can easily get to work. Location was – and is – the biggest drawcard for someone looking for a property to rent.
Another drawcard for tenants are the little niceties. Free wifi, a shed, a new coat of paint or clean carpets may mean the different between your property being rented this weekend, or in six months’ time. They won’t cost a fortune up front (and they’re all tax deductable) however the benefits will be huge.
Reverse cycle air conditioning, a letterbox, freshly mowed lawns or manicured gardens, or even a sensor light at the front door, might be the tipping point for the ideal tenant for your property.
Furnished vs Unfurnished
If your property is already furnished then you can almost guarantee instant tenancy.
Lock Up Garage
A lock up garage – or even a carport – will attract tenants with their own vehicles, and by simply asking yourself ‘what do tenants want?’ you might come up with your own ideas.
Have a look at the location, and the prospective tenants, and ask yourself how many bedrooms they’d want. A commuter suburb (sited close to public transport or major arterial roads, amenities such as schools and hospitals) may attract tenants who are single or dual income (and require a one-bedroom house or apartment), however larger, older suburbs might see families needing several bedrooms – and a large backyard. Investment property owners will do well to remember some basic ideas, and implement them when they make their purchase.
Looking for an investment property in 2016 and don’t know where to turn? Then speak with our professional and expert staff here at Aspect Estate Agents. We’d be happy to sit with you and work within your budget and requirements to find a property; we’ll even help you find the perfect tenants. Contact us today.