To be a successful landlord, you need to invest in the right property. On top of making sure that the property is in good condition, you should make sure that it has the types of features that tenants are likely to look for. This can increase the chance of you securing tenants and it can ensure that your tenants are happy (which is important if you want tenants to make it their home). Below are just some of the key features that modern tenants look for.
Outdoor space
A property with outdoor space is likely to be a lot more attractive. Many tenants with pets or kids won’t rent out a property if it doesn’t have a yard. Even tenants who are childless and petless are becoming pickier and may reject an apartment that doesn’t have a balcony. For this reason, you should try to invest in a property that has some outdoor space.
Natural light
If a yard or a balcony isn’t possible, then large windows are the next best thing – they can help create a connection to the outside world and make a property brighter and cheerier. Consider looking into properties that allow in lots of natural light or consider building your own property with lots of natural light using a property development company such as Costas Constructions. Adding extra windows to an existing property may be possible in some cases.
Storage space
On top of having lots of general space, it can be important to give tenants plenty of storage space. This could include built-in wardrobes in bedrooms (this can prevent tenants from having to buy their wardrobes) and plenty of kitchen cabinets (particularly important in a shared property where each tenant will want their own storage space for food). Think about this when choosing a property to rent out. In some cases, you may be able to add your own storage by constructing extra cabinets and shelves.
Parking
Parking could be an essential factor for tenants with a car. When buying an apartment to rent out, consider whether there are features such as private parking. When buying houses to rent out, you may want to consider properties with driveways or front yards that can be converted into driveways. Be wary of renting out properties on busy streets where there is a fight for parking space.
Public transport links
Public transport links could be important for some tenants. Buying a property relatively near a train station or bus stop could be a good investment – tenants who are looking for an easy commute will favour these properties.
Pet-friendly features
Many landlords do not allow pets, despite there being an increase in pet ownership. Consider appealing to pet owners by not only allowing pets but choosing a property that is pet-friendly. This could include adding features like cat flaps, secure fencing and easy-to-clean flooring. This guide at Make Ur Move offers some more tips on how to make a property pet-friendly.
Security
Tenants also want a property that they can feel secure in. Be wary of buying property in high-crime areas – if you do decide to buy property in one of these areas, make sure that there are security features added such as exterior lighting and deadbolt locks. In a shared property with multiple tenants, it could also be essential to put locks on each tenant’s room. One security feature that you may want to avoid is cameras as this may be seen as a breach of privacy by some tenants and could put them off.
