Posted on May 5th, 2022

Investing in property is one of the best decisions you can make. It’s worth it because you can make a small yet steady income by renting it. But putting your home on lease comes with a variety of hassles. How to find a tenant, how to know if the tenant will take care of the house or not, what if the tenant appears to be a fraud, and much more. Since there are people of different mentalities, the tenants can be divided into three categories. 

There are bad tenants, there are mediocre ones, and there are great ones who not only pay rent on time but also take care of your property as there own home. But the best ones will always go for properties that match their standards. Attracting the best tenants requires you to make your property worth it. 

Since every property owner goes through this confusion, we have created a list of things you must keep in mind while purchasing an investment property. Read the blog to learn more. 

Safety and Security Are Priorities

Home means a safe and loving place where one feels secure. The tenants want to rent a home for their family, and that’s why you should ensure your property is safe and secure. The reason why people prefer renting a house over an apartment is security. Make sure you research and analyze crime statistics before purchasing a property. Invest in a safe neighborhood. 

Offer Great Location 

Location is one of the most important factors one considers while renting a property. No one will choose a home that is not built in a good area. Make sure you purchase your property in a location that offers transportation options nearby. No one wants to stick to a home that doesn’t provide public transportation services, right? 

Moreover, the home should have grocery shops or malls nearby so that one doesn’t need to purchase daily-use items from far-away markets. 

The cherry on top will be the availability of corporate centers in close proximity. Easy access to job places makes a home a better choice for leasing. 

Educational And Entertainment Amenities 

Education is an essential factor in the present time. No one wants to live in a home that doesn’t have a school nearby. Not only school but having a college or university near society makes it even more valuable. Make sure the property you choose is surrounded by excellent schools, institutes, and higher education centers. 

Education is important, and entertainment is vital as well. Picture halls, parks, and other entertainment units near home make it an ideal choice for the tenants. 

Ready-To-Move-In Condition

A tenant will always prefer a home that’s ready to move in. Don’t try to rent a home that’s waiting for paint or a floor replacement job. Ready-to-move in homes not only improve the rent you can ask for, but they also attract convincing tenants. 

Would you like to live in a home where the taps are leaking, cleanliness is not done, and walls have cracks in them? No one will. Even if someone rents it, you can’t expect much from them. 

Appliances As Add-On 

Though most people have their washing machines and refrigerators with them, adding these tools can add ample value to your home. You can even expect extra rent for such appliances. The reason good tenants appreciate such services is that it’s easy for them to move in when appliances are already there. If someone is new in the city, they will not have to purchase the machines, and that would save some money. They are already spending money on advance rent, and offering appliances might serve as a great relief. 

Newly Built Property 

Have you ever been told by your parents not to invest in second-hand stuff because its components might have been damaged over the years? Everything gets worn and torn over the years, no matter how well you take care of it, and we can’t help it. 

The home, even after being made of sturdy materials like bricks and cement, gets damaged over the years. Invest in a newly built property; don’t buy any property older than 10–15 years. You won’t like to invest in repairing wires and plumbing. And a good tenant will not want to rent an old home. 

Storage Space And Open Floor Plan 

Storage space is a crucial thing for tenants. Most of them have a lot of luggage, but they can’t afford to carry closets and cupboards with them. A home with storage units attracts them more because it eliminates the need to invest in storage units. 

Open floor space adds depth to the home, making it appear larger. So, make sure you consider buying a home that offers ample floor space and storage units. 

Balcony or Garden 

An outdoor unit like a balcony or garden is always a great way to attract promising tenants. People love it when they can spend some time in the sunshine and in the fresh air. Most people are fond of gardening. A home with a garden will attract tenants who are ready to invest in an excellent property. 

Parking Facility 

Parking is an unavoidable factor in modern times. Everyone owns at least one private vehicle, and that’s why a parking facility is a must. Either there should be a common parking area, which is mostly present in flat societies or a personal parking space must be there. 

Rent

You might be thinking that offering property at low rent will get you a better tenant, but that’s not true. Low rent usually undervalues your property. You need to set a range that is not so high and not so small as well. Stick to your price range and be ready to explain why you are charging that much. 

Attracting good tenants is not that hard if you can make your property worth living. If you want to attract tenants with high standards, you first need to raise the standards of your property. 

Source: Rentprop4U