Thinking about renting your property? Make sure that your investment property comes with these key features which are guaranteed to improve tenant satisfaction.
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As a property investor you get spoken to about what you should look for in a rental property from a locational perspective. It’s easy to neglect the internal considerations that’ll greatly appeal to potential tenants. That’s why we’re going to share some internal features that you should consider within your investment property.
Let’s face it, as you keep growing your property portfolio, you want your properties to appeal to the most desirable tenants. These are the reliable ones who are willing to pay premium rent for the fixtures and fittings that your property can offer. If you can provide a comfortable and convenient home, you can generate great passive income.
At REIF we do prefer the method of investing in new full turnkey, fixed price properties. There are numerous reasons why. We aren’t going to explore all of them in this article. This is because we’ve listed them previously in New vs. Established Homes. What we can say, however, is the properties we provide our clients come with the listed features below.
What internal features make an investment property more desirable to a tenant?
A well-maintained investment property
A well-maintained property will look good on the eye. No one wants to live in a home that’s in poor condition. You should maintain your property to ensure it not only looks good for your tenants but is practical too.
Consider the below when building or upkeeping your investment:
· Appliances are modern and working
· Fixtures are well-kept
· Neutral color pallets (i.e., tiles, carpet, paint etc.)
· Chips and marks throughout the house are fixed
· Carpets are clean
· House is freshly painted
Stylish and convenient bathrooms and kitchen
Those who are interested in renting your property are likely to desire stylish and convenient bathrooms and kitchens. As a property investor it’s important that you can deliver that.
Renters seek functionality from these spaces and are often willing to pay a little bit more for them. More so if they include contemporary splash backs and finishes, new appliances, as well as storage space.
An internal laundry space
In a modern home or apartment, a laundry space is practically a must have. It doesn’t really matter how big or small it is, so long as the home can offer the convenience of being able to clean your laundry within its proximity.
Storage space
When growing your property portfolio, it’s important to keep in mind the convenience of storage space within each property. People have belongings and they need somewhere to keep it so that it’s out of sight and out of mind. When we work with builders, we look for the following storage spaces:
· Closets and shelving in bedrooms
· Linen closets
· Storage spaces in bathrooms
· Storage spaces in kitchens
Insect screens and security
This goes without saying, screens will protect your tenants against annoying insects and bugs. Additionally, your rental property should, ideally, provide your renters with a sense of safety and security with internal locks and screens.
Airconditioning/ fans
Homes should come with internal temperature control for certain spaces. Those that don’t come with heating or cooling systems can often be a big deal breaker for renters.
A great benefit of buying a full turnkey package is that it’s often easier and cheaper to install these features from the get-go, rather than having to install them later in an already established property.
Curb-appeal
Do you want to know what a great benefit of buying full turnkey is?
It means that your property comes with external features (driveway, mailbox, gardening, fencing, turf, and more) included.
For tenants, first impressions matter. If your investment property lacks curb appeal, it’s unlikely for tenants to stop and see what the inside has to offer. Therefore, you should try and make sure that your investment property is neat and tidy on the outside.
New fixtures
Like above, when you build a brand new full turnkey product, your house will come with new fixtures and appliances. These provide various benefits to both you and your renter. These are:
· They’re great for modern lifestyles
· They look more appealing
· They come with longer warranty
· Less maintenance issues
· Cheaper to fix (if you need to)
For more information
If you’re seeking a rental property with the internal features listed above, the team at REIF are here to assist you! Whether you’re a first-time investor or a savvy investor growing your property portfolio, we have options for everyone!
Book an appointment below if you would like to explore your options. Alternatively, feel free to download our eBook, Building Wealth Through Property.
We explore this topic in our eBook 'Building Wealth Through Property.' Check it out here for FREE!
