How to update your home to attract quality tenants
By Advantage Property | 7th May 18
Keeping your investment property occupied by quality tenants is the key to a relatively stress - free investment portfolio.
Keeping your investment property occupied by quality tenants is the key to a relatively stress - free investment portfolio. Coupled with a great property management team, you are essentially on the way to a positive investment.
So how do you attract the best tenants? Housing affordability has forced many Australians to rent for longer – with the increase of potential renters, it’s even more important to have quality tenants to take care of your investment property.
What do tenants want?
Generally, it’s a combination of location, price, amenities and liveability. Tenants judge properties based on the size, cleanliness and state of key areas such as the kitchen and bathroom. If you have bought an investment property that needs work in certain areas, we recommend focusing on the kitchen, bathroom and bedroom.
What this will do is maximise your floor plan and overall appeal of the property, which in turn will attract quality tenants.
Small improvements in a dated kitchen can really make all the difference. The fittings and finishes don’t have to be high end, but will emphasize quality and convenience. There are many options for flat pack kitchens on the market that can help update any old cabinetry without breaking your budget. Consider appliances such as a dishwasher if you do not already have one in the property, as this is definitely a selling feature.
Bathrooms can be a little trickier when it comes to improvements. We recommend a professional clean for the grout and tiles where possible and if you need a bit of an update, a new shower head or toilet seat won’t go astray. They are small cosmetic improvements that make a huge difference.
Does your apartment have adequate storage? If the bedrooms don’t have built in wardrobes, consider investing in some free standing cabinets (if built in wardrobes are out of your budget) to help boost storage solutions for your potential tenants.
A lick of paint
If all the main areas of your home have good bones, we recommend adding a paint job in a neutral colour like white to revive and brighten rooms and tired interiors. We recommend whites such as Dulux Lexicon, Antique White and Whisper White as fantastic options if you don’t know where to start when it comes to paint colours.
New light fittings
Quality lighting does not have to be expensive. Consider updating old oyster lights or fluorescent light fittings to create that contemporary and clean atmosphere. Lighting goes a long way with adding the right ambience to your property
First impressions count
Don’t forget the outside presentation of your property. If you have a garden or lawn, ensure any leaves or rubbish are not present at the open for inspection. Remember low maintenance and neat outdoor areas are always a smart choice!