Putting a property on the market for rent can be very exciting for new landlords. There is often the anticipation that demand will be high, especially if you have chosen a marketable area to invest in. there are however certain issues that can make it difficult to finally secure a paying tenant. These issues mostly crop up as a result of the property owner or property management firm failing to fully take into consideration what a tenant is looking for when window shopping for a new home. Here are five key concerns that you should consider before listing your property and should also guide you when consider renovations to undertake.
- Security – this is not just about the neighborhood in which the property is located. Even the most secure apartment buildings and streets suffer some level of burglary and other crime. It is vital that as you walk around and through the property, you see how security can be compromised. Strong doors with deadbolts, security lights, CCTV cameras, secure parking, are just some of the features tenants will consider when selecting a property.
- Storage space – whether it is in the garage, basement or bedroom closet, people who move from place to place will want adequate storage for their stuff. Remember this is a place they will be living in for an extended period, do not think that a closet like what hotels offer is going to cut it.
- New renovations – for many prospective tenants, being shown new renovations indicates a landlord who cares about the comfort and convenience of his or her tenants. It does not have to be expensive renovations, but something that has been recently updated will be well received. If you are looking to make a major upgrade, opt to go green or energy efficient. New hardware and anything that cuts down utility costs will help make your property more competitive. If you do intend on doing a major renovation bathroom renovations and kitchen renovations provide the highest return on investment. Since a bathroom remodel is a much smaller job than a kitchen we suggest starting with this.
- Kitchen – a well-planned and spacious kitchen is also a huge selling point. If you have a kitchen island taking up space, you would rather take it out and improve on counter space to make the room feel roomier. A large window to allow more light and open planning can also help. Sanding down cabinet doors, installing pull out spray taps and switching laminate countertops are all affordable renovation options that easily impress.
- Outdoor space – when the weather gets warmer, people love being able to sit outside and even entertain. An easy to maintain yard, with space to set up a barbecue grill, or a table and seats is a good sell. Even a small balcony for apartments can prove very appealing. Any functional and private outdoor living space, especially in urban areas, can even secure you higher rent, no matter how small.
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