Here are nine pieces to follow when making improvements to an investment property that will help attract the right type of long-term tenants…
The condition of your investment property will have a direct impact on both its yield and the type of tenants it attracts.
Letting agents in Bromley, for example, point out that there are a few things landlords can do to their properties. These include…
1 Keep it clean. One of the most off-putting things when you are looking at a property is if it is dirty – especially the kitchen and bathroom. What’s more, a potential tenant who isn’t bothered by your property being dirty is more likely to not maintain it properly.
2 Sweet smell of success. Estate agents in Hammersmith report that a sure-fire way of getting viewers onside is to flood the property with smells of mouthwatering food, such as freshly baked bread or filter coffee. Landlords don’t necessarily need go to this extreme, but it does prove that the smell of a property goes a long way in making a house attractive. If your property is in the middle of a void period, invest in a plug-in air freshener to rid the house or flat of any musty odours.
3 Don’t paint it black. Giving your house a lick of paint will give it a nice fresh look, making the property look neater and cleaner. Although you might have loved that fuchsia wall in the bedroom, not everyone will, so try to get the decoration of each room as neutral as possible.
4 The outside edge. If you have an outside area, make sure that it is usable. Having a garden or patio is a huge selling point, so tidy it up and put in a table and chairs to encourage viewers to start dreaming of summer BBQs and outdoor entertaining.
5 Flowers in the attic. Place a vase of fresh flowers on the kitchen or living room table on the day of a viewing to add a little sparkle and help them to visualise living there. But remember to remove the floral display after the viewing to prevent it dying off and putting off any other potential tenants.
6 Get inside your tenants’ minds. It’s worth thinking about who your perfect tenants would be and think about what they would want. If you are seeking to attract students, for example, would including a new TV persuade them to rent your property? But if you are aiming to attract working professionals, upgrading the property’s wi-fi connection could clinch the deal.
7 Let there be light. The standard of lighting – and the types of bulbs installed – can have a significant effect on the whole property. Make sure that you have the right lighting in each room and maybe invest in LED bulbs to attract a higher class of tenant.
8 Mend and make do Make sure that you carry out any repairs that are required before viewings start. A tenant who will take care of your property will be able to sniff out a leaking pipe from a mile off.
9 Safe and secure. The standard of security in a rental property is at the top of most tenants’ minds. BSI-standard window and door locks are key requirements for any rental property and will be more appreciated than providing tenants with technical goodies, such as a virtual landline in South Africa that could allow tenants from the Southern Hemisphere keep in contact with their friends and relatives back home.
If you are looking to rent out a property it is important that you attract tenants who will not only look after your property but will agree to extend the assured shorthold tenancy when it is due for renewal. This starts by getting the basics right.