Are you seeking new tenants for the new year?
Often, property owners will have to make amendments to their rental investment in order to attract a quality tenant and achieve the rental return they desire. With a new year fast approaching, plan ahead to make your investment more attractive for 2015.
How Small is Too Small?
Once you have made your residential or commercial property investment, there are perhaps three things you can’t easily change about it: the location, the weather and divine intervention. Lucky for you, when you have your investment property and you have the capital, you can remodel the place as you see fit, turning it into a wondrous family home or a rental property to be the envy of everyone in the neighbourhood.
There are some simple tips you can undertake to turn your investment property into a prized piece of real estate.
First, make sure it’s an appropriate property size. Your renters need enough space to move around comfortably - especially if they have a growing family or pet. Spaces which are too small can turn a potential renter off as soon as they walk through the door.
In many cases, property owners have tried to squeeze as much as possible out of their houses by cramming an extra bedroom in where it shouldn’t feasibly fit - why not try the opposite? Rather than make your floor plan look tight, allow space for tenants to live comfortably - you may have one less bedroom, but re-modelling the interior makes it a much more enticing and profitable prospect for those cash-flushed renters wanting to move in with their double king bed, and it allows you to profit from higher rent.
Bathrooms rank highly for both renters and buyers, and there is one easy way to make them appealing: shower pressure. The unsung hero of a beautiful home, shower pressure is often overlooked pre-move, but never forgotten once tenants experience a poor example of it. Keep your bathroom maintained and updated with high-quality shower and basin fittings for an irresistible touch to your property.
Space for a car is also a priority for renters, so if you have the room, you could consider paving a parking area and putting a cover over it, or installing a garage if there isn’t one already. This can double as storage space, or even an area for outdoor social occasions when the weather threatens to rain on your parade.
These projects, large and small, are all extremely valuable for making your investment property appealing for potential tenants or buyers. The short-term work yields long-term gains, and the benefits of renting out the home will provide profit in no time at all.
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