The Right Kind of Property
Property investors often invest in apartments rather than homes as they tend to perform better in the rental market. However, this trend is gradually changing and tenants are looking for different types of property. Your decision to invest should be based on the prevailing trends in the local property market.
Remember your choice of investment property should not be based on the kind you want to live in. Rather the property you select should have low maintenance and broad appeal.
Location is the Key
You will often hear location can make or break an investment property. This is a fact. So, research the local property market and press the button for the location that offers the highest returns and is in high demand. Besides this, you should also take into account the local amenities. They should be located in the vicinity of the property. For instance, your property will be in high demand among families if it is located near a school, hospital, and grocery store. Also, properties near railway stations are often highly coveted by professionals who use the train to commute to work.
Décor to Win Over Tenants
Don’t clutter up the property with things you like. Most tenants yearn for spacious living spaces that they can transform into their own. Keep décor neutral, so that tenants can visualize living in your property without being overpowered by your presence. Paint walls in neutral colors, stay away from bold and vibrant window dressing and ensure the cabinetry is stylish without being ostentatious.
Tenants long for certain amenities such as a washing machine, dishwasher, microwave, espresso maker, and array of cooking utensils. Make sure you install energy saving appliances and gadgets. Prospective tenants want state-of-the-art appliances and gadgets and often give preference to properties that have them. Also, make sure you get those lighting fixtures right. A home should be warm and inviting when the lights are turned on. So, change those lights and install CFL and LED lights to set the mood and also help your tenants save money on their electricity bills.
If you can’t handle your property and make it attractive for tenants, join forces with a reliable and reputable property management company. The company will prep your property for rent and also help ensure you get the right kind of tenants. Basically, the property management company will handle all aspects of your investment property – maintenance, upkeep, handling tenant complaints, and collecting rent.