Picking the Perfect Rental Property

DDproperty Editorial Team
Picking the Perfect Rental Property
Being a property landlord sounds attractive and an easy money spinner. Buy a property, rent it out and watch the rent roll in. Sadly it isn’t as easy as this in part since tenant expectations have risen over the years meaning that there is a certain standard they come to expect from their rented home, but aside from this you need to have a property that suits the rental market. Otherwise you will be left with an empty unit that is costing you money rather than generating an income.
As with most property purchasing location sits at the top of the list. Tenants rent as they might not be able to afford to own their own property or they may just enjoy the flexibility that comes with renting. They will want to be close to where they work, socialise or where their children go to school, and most definitely want to be in close vicinity to the mass transit work. Buying in a popular area will mean that there will already be a wide pool of tenants looking for a property than in less sought-after parts of the city. >>Rental Techniques For Quick Profits: Start From “Location”
Next think about your tenant’s needs. Are you buying a unit suited to an individual, sharers or a family? With any type of tenant consider the layout of the unit. Sharers will want to have equal sized bedrooms and two bathrooms and families will want their bedrooms away from the living areas so their children can sleep easily even if the rest of the family are up.
Once the location box and layout of a property has been considered, think about the practical elements. Is there enough storage for clothes, suitcases or even sporting equipment, are the air conditioning units working well, is there enough equipment to cook with and it the unit quiet? Happy tenants will stay in a property for longer saving you the hassles and costs of finding a replacement tenant. Even the facilities play a role too. Families will want to have ample of areas for their children to play whilst other tenants will demand modern gyms and swimming pools. >>8 Ways To Make Your Rented Place Feel Like Home
Finally, how well is the property presented? There tends to be more demand for furnished rather than unfurnished properties minimising void periods, but the furniture needs to be modern, in a good state of repair and fit the room. Pick furniture specifically for the property and make sure that it all coordinates rather than a mismatch affair. Where you can, be flexible and remove furniture if requested. It is a good sign when a tenant starts moving in their own furniture and it illustrates that they are happy and are unlikely to move in the future since it is more taxing moving with furniture than without.
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