An article by The Guardian in June of last year confirms how and why our rental market is on the increase and will continue to do so (https://www.theguardian.com/money/2017/jun/12/one-in-four-households-in-britain-will-rent-privately-by-end-of-2021-says-report).
If you’re planning on investing in a rental property, how do you make sure you attract great tenants and fetch the maximum possible rental income?
Different tenants will of course have different wants and needs – students for example may value location over space – but below are some key features which are guaranteed to appeal to everyone regardless of which stage of their life they’re at.
Nobody wants to live in a dark and dingy property so make sure you’re utilising the natural light you have available. If light is something your property really struggles with, consider having a skylight fitted to brighten the place up a bit. Also keep the colour of your walls white because anything else will just make the place look even darker.
A clean look and feel
A dirty property isn’t going to appeal to anyone so make sure you keep your home clean and clutter-free. Modern fixtures and fittings tend to go down well unless you have a period property. In this case, people like to see the original features intact. Regardless of what type of property you’re trying to rent out, keep the décor as neutral as possible because you’re going to appeal to far more people if they’re looking at a blank canvas.
If your interior is looking dated, spend a bit of time and money sprucing the place up. Have a good old tidy, paint the walls and don’t forget to make the outside of your property look great as well. If you can only afford to completely make over one room, focus on either the kitchen or bathroom because these are the rooms that sell.
Another great way to totally transform your property is to install window shutters. Not only do they look great anywhere, they offer a number of benefits including offering better insulation and providing more security.
Storage space is very important to most tenants so think about how you can maximise this. Can you turn dead space into a cupboard? Shelves are a great way to add storage without taking up floor space. Opt for cupboards that are tall rather than wide and if there’s space outside, provide a shed.
Space in general
Nobody wants to feel cramped in their own home. Not only is this uncomfortable, it’s going to make the place seem really small. As we mentioned above, get creative with storage and be clever with your furniture. A few great ideas include:
- Use an extendable dining room table so it doesn’t take up as much space when it’s not in use
- If the bedrooms are very small, get beds which have storage underneath them so you don’t need as much cupboard space
- Don’t go crazy with the furniture. A king sized bed for example will take up a lot of room and isn’t really necessary. If there’s only going to be two people living at the property, there’s no need for a huge sofa either
- Fix the television to the wall so you don’t need a TV stand
High speed broadband
Broadband speed is a primary concern for tenants in today’s technology driven world. Chances are they will ask about this when you’re doing viewings so make sure you’re signed up with a provider that can give you the best possible speed.
To further increase your chances of attracting great tenants, House Beautiful (https://www.housebeautiful.co.uk) have written a great article on the types of things tenants are looking for in their rental properties.