Being a landlord puts you in a great position to generate more income through rental yields. But whether your investment is an already existing home or a house that you’re building new, you won’t be able to determine the success rate of your rental unless you know what tenants are looking for and what they value – in essence, the elements that will set one property out from the rest. Here are five things that landlords need to know are what tenants look for in a rental.
Of course, the number one factor is location. You want your investment property to have a convenient and highly-demanded location. Although that will differ depending on the audience you’re targeting. If you have a large family home, your tenants will want a safe neighbourhood that has good schools, sports grounds, shops and other family-friendly amenities. If you have a smaller property for singles or couples, a highlight in location is its vicinity to public transport, lively restaurants and a bustling lifestyle. Don’t forget that many tenants are likely to sacrifice other wants of a property if it’s in a highly-desirable area. It’s easy to renovate a home, but the location is key.
Open Floor Plan
For tenants, a rental isn’t their “forever home”. For this reason, most people want a modern design with an open floor plan so that they can arrange furniture and create a space that is appropriate to them and accommodate their belongings. You want your investment property to offer flexibility and ease of mind for those moving in and out.
It’s a bonus when a property offers renters bulkier appliances that they often do not own. Dishwashers, washing machines and dryers are electrical items that make the home more convenient and “liveable”. These modern touches are an investment for a landlord, just as much as the property itself.
If you’re building a new house, keep in mind the orientation of the home. Natural lighting is something that tenants consider since no one wants to live in a dark space! If your investment property is an existing home, you won’t be able to control the natural lighting but you can keep the interior bright and airy with light colours on the walls, flowy curtains on the windows and strong lighting.
People do not like having to look for street parking when going back to their own home at the end of the day. It’s a major inconvenience. A garage, carport or even driveway is a big factor as to whether or not people sign a lease. In fact, it’s why there’s an icon for it next to bedrooms and bathrooms on advertisements! Unless your investment property is in the vicinity of a city, opt for a property with private parking or at least generous parking in a quiet street.
If you’re a landlord looking to build a new two-storey home, let us tell you why New Edge Homes is the best choice. Call us on 1300 230 463 or visit newedgehomes.com.au today for more information on building a successful investment.