5 Features That Can Make Or Break Your Rental Property
Are you an investor looking to become a landlord? Have you found that great rental property but aren’t sure whether it is worth investing in? When it is time to decide on that long-term purchase, you’ll want to consider certain features that tenants will look for in a rental. The happier your tenants, the better chances you have for keeping them as long-term renters. Here are 5 features that tenants will really love in a rental.
This one should not come as a surprise to investors. Location really is everything when it comes to purchasing a rental. You’ll want to consider the potential of the rental market in that area by checking to see whether more people are renting or buying, what rents have gone for in the past few years, and by examining how many vacancies are currently available. These factors all paint a picture of the potential rental market for the area.
The physical location of the property also contributes to its potential. Homes located on busy streets with tons of traffic or noisy highways and railroad tracks may send renters running. Especially for families, they’ll want a safe and quiet neighborhood for their children. Also, renters like to know what is located near their home as far as amenities like shopping centers, schools, entertainment venues, or parks.
Crime and Security
You’ll want your tenants to feel safe in their new home, so it is a wise suggestion to do some digging into the crime reports for that area. Check with the local police department and find out if your property or other properties in the neighborhood have had break-ins. To make tenants feel safer, consider installing security cameras outside the property or building a fence or planting shrubs for added protection and privacy.
Both you and your tenants will prefer renovated homes with updated appliances and modern finishes. Not only do they make an older home look like new, but they won’t break down as quickly as an ancient stove or outdated washer/dryer. Installing some new flooring, adding a backsplash to the kitchen, or changing the bathroom tile can really help make a difference. Although it may cost a bit more at the onset to install these upgrades, it will be worth it in the long run.
Tenants like knowing they have space to store their belongings and will appreciate homes that have ample closets and built-ins. Especially for bigger families, additions like porches, sheds, attics, and basements will help provide added storage. Also, renters will like having a garage to store items in as well as their cars.
More Than 1 Bathroom
This feature will have different appeals depending on the person interested in your home. If it is a single renter, they may not care if there is only one bathroom. For couples or families with kids, sharing one bathroom could become problematic, especially with guests visiting. Also, homes with more than one bathroom have better resale value and you can ask for higher rents, so it may be a better investment to purchase a property with that extra bathroom included.