With the current rental demand in our area it is not hard to find the best tenant for your investment property. However if you are in a position to be making any changes to the property we can complied a list of the top 5 tenant friendly improvements to make.
Most prospective tenants have a list of ideal features they’d like in their home. If you can offer these in your investment property, your chances of securing a quality, long-term tenant increases. Not only does this provide peace of mind that your property will be looked after, but quality tenants are more likely to pay their rent on time, every time too.
Allow pets
Allowing pets at your property may sound like a big risk, but with over half of Australia’s households including a pet, it can be a wise move. While the tenancy laws vary in each state, here in Queensland we have amended laws commencing in October 2022 which may significantly limiting a landlord’s ability to refuse pets, it’s still a good idea to consider if you should allow tenants with four-legged friends to call your property home. Not only does it open up your property to more potential tenants, but people with pets tend to opt for longer leases too. This can provide more stability for you and your tenants.
Consider a low-maintenance garden
Not only does this increase the street appeal of your home and potentially increasing equity in your property but putting thought and effort into the garden will create a nicer living environment and attracts better tenants. If your property has the space, consider planting a low-maintenance garden either at the front fence line, stepping stone along to the front door and/or a small garden near the front entrance (keeping clearance for termite inspections etc). Hardy plants that don’t need too much pruning are best. Good options include willow myrtle, bottle brush, star jasmine, and lilly pilly. And if there are any gaps in garden beds, fill these in with mulch so weeds are less likely to grow.
Keep paint colours neutral
When it comes to painting the walls in an investment property, neutral is best. Stick to white shades that allow your tenants to put their signature on the place when they’re furnishing and decorating. Neutral paint shades are also good for resale, the most popular of recent years is the Dulux colour Lexicon in vary strengths of colour.
Include the mod cons
Your property may not have air conditioning or a dishwasher yet. If you’ve got the space and the budget, installing these can attract tenants for whom these mod cons are non-negotiable. This can make your property especially competitive in regions with blistering summers or icy winters. With most busy families having 2 working adults a dishwasher is the highest non-negotiable we have found in our local rental market.
Include quality fixtures and fittings
The goal with any fixtures and fittings in your investment property should be quality and simplicity. If some of the fixtures and fittings in your property could do with an update, consider some changes. Key things tenants may be looking for include stainless steel appliances in the kitchen and simple, modern lighting fixtures that are easy to clean and plenty of storage.
Putting some thought into what tenants are specifically looking for in an ideal property can be the difference between leasing your property in days versus vacancies that span weeks. Think about things like making your home pet friendly and including a low-maintenance garden to make your property stand out in the market no matter when it becomes available.
Remember, this article does not constitute financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.
