What are renters looking for?
Attracting tenants to your property?
With the recent changes in the property markets around the nation, renting is becoming the housing option for many Australians. With more of the population now switching to renting as a result of climbing housing procures, lack of affordability is paving the way for future rental price increase and shortages.
So what makes renters pay more? What do they expect from you the landlord? How can you make your property more attractive to a prospective tenant?
The grudges tenants commonly have is property manager delays, things not being fixed, not being able to make changes to the property (such as putting up pictures), and inability to have pets.
Here are a number of key items considered by prospective tenants when choosing a rental home..
With it being summer right now this is at the top of the list. Installing air-conditioners, particularly reverse cycle can create the ability for landlords to charge more. Tenants generally preferring split and single unit AC’s over ducted units, which generally use more power and cannot be as easily controlled for desired use.
If a potential tenant already has a pet, they’re not going to choose your property over their dog. Searching through the rentals for a “family home” but they don’t allow pets makes it one of the biggest frustrations tenants have over searching for a property.
Most tenants look after their pets and therefore will look after your home, and they don’t mind paying a pet bond either.
3) Modern quality kitchen
Luxury and convenience in the kitchen is the top of property renovation lists with bathrooms a close second. Renovating these over other rooms such as bedrooms will increase your rental attractiveness. Adding new benchtops, a dishwasher and the like can also increase your asking rent.
Interestingly in WA in particular, “pool” is one of the most searched terms renters look for when searching for rental properties. Whether it’s a shared pool in an apartment complex or a well maintained pool for a house, having a pool is certainly a factor that will separate your property from others.
5) Low maintenance
a topic that worries both landlords and tenants, keeping property maintenance to low levels means less headaches for both. Repairing appliances and air conditioning before renting out a property as well as garden maintenance such as regular lawn mowing including in the rent is a great idea too.
Landlords want good tenants but tenants want a good landlord as well. Moving house for renters is very disruptive and expensive so if landlords ensure factors like the above to keep their tenant happy they are more likely to sign a longer lease and stay.
Achieving property investment success requires more than just purchasing property, finding a property manager or advertising for tenants. When selecting your next property try to look at it first through the eyes of a renter to assess whether you would rent and live there yourself.
Moving house can be the answer to streamlining your finances
Moving house is an exciting (and stressful time) but did you know it is also a great time to make financial changes too?
For the start of 2016 when a lot of us are moving house, let’s look at some easy ways you can kickstart your finances using your house move…
1. Use this time to get organised
Take this opportunity to set up your bill pay systems. Create a dedicated shelf, section, or whatever works for you in your office to sort all your bills and receipts. Something as simple as files can keep your financials organised.
2. Go paperless
Reduce the paperwork in your life and get your bills sent electronically instead of by post? Instead of updating your new address, ask to be sent your bills via email. This way it’s great to avoid late fees as it’s sent straight to your inbox.
3. Supplier review
Moving house is the opportune time to review your utility suppliers. It’s easy to find rates and quotes for your gas, internet and other suppliers to make sure you are getting the best deal possible for your needs.
4. Bundle your Insurances
Just like your utility suppliers, reviewing your insurance needs such as home and contents and even bundling your insurance with one supplier can offer better rates, less contracts and saving money.
After the move is a good time to set up automatic payments/direct debits of your new bills so you’ll know exactly when money will be deducted from your accounts. It makes it easier to budget too!
Most of us don’t need multiple savings, checking and separate accounts. Especially if moving in with a partner/spouse now is a great time to review your accounts and look at removing or combining some saving on fees and being able to keep track of your money easier.
Making the most of your big move by organising your finances will give you one less thing to worry about in 2016. Let this new start in a new home inspire you to get on top of your finances and take control for a great fresh start.