Make the right choices when purchasing and setting up your investment property by understanding what features are the most attractive to tenants.
Location
When searching for a place to rent, tenants are also plotting routes to their office or school as well as commercial centres and transport hubs. They’re more likely to pay a higher amount for areas with these conveniences found in CBD, inner city suburbs, and lifestyle spots. On the other hand, there are tenants, like families and retirees, who prefer the easy-going atmosphere of the outer suburbs.
Security
Installing alarm systems and quality locks at your property will make your tenant feel secure and may even guarantee a long term stay.
Parking
Off-street or undercover parking are valuable assets and can also increase the resale cost of your property in the future.
Bedrooms
If your property is in a family-friendly area, you’ll want to have three or more bedrooms. If your property is an apartment or an inner city one, two bedrooms are regularly in demand.
Air-Conditioning
Having a reverse-cycle air conditioner will greatly appeal to tenants as the climate becomes more extreme each year. Installing this amenity also allows you to charge rent a little higher.
Storage
Offer storage solutions to tenants who probably often experience the frustration of having to sacrifice garage space or an extra room for their equipment.
Connectivity
First-time renters without their own NBN connection will be happy to find properties that come with a NBN network already in place. This feature can also appeal to tenants who work from home.
Modern Kitchens and Bathrooms
Kitchen and bathroom renovations are great investments as discerning tenants typically keep an eye out for kitchens and bathrooms with updated features.
Outdoor Areas
Whether your property is in an outer suburb or in the heart of CBD, an outdoor space is always attractive, especially for tenants seeking space for entertaining. A well-kept and sunny garden terrace, deck, or balcony can make a difference in presentation and value.
Pet-Friendly
Give your property a competitive edge by making it pet-friendly. Just be sure to accept responsible pet owners and add a provision on flea control in your lease conditions.
