How to Ensure Your Investment Property Will Be Tenanted?

In today’s rental market, keeping up with the competition in terms of price, modern features and lifestyle is important to ensure that your investment property will have a long-term tenant.

So if you are considering buying an investment property as a way to build wealth for your future, then see to it that it’s one that can be a source of continual capital growth.

Here is a list of non-negotiables that will help keep your property on top of the competition:

LOCATION

Buying an investment property in a popular suburb is NOT enough. Instead, you have to also consider the specific pockets of these suburbs and select an area that has property types similar to yours. Think about it — buying next to a potential development site may affect your property’s capital growth in the long run.

PARKING

Having a car park is convenient and somewhat a necessity for almost everyone who owns a property. Meaning, it’ll definitely be a huge plus for potential tenants if your investment property already comes with an allocated car park.

PERMANENT POSITION

Adding value to your property is something that you can do anytime. You may install a new kitchen, pool or have a complete renovation, but having permanent features like land size and property position is going to be convenient and beneficial for you for many years to come.

UNIQUENESS

In order to attract a large number of tenants, make sure your property generates consumer demand and that it has something that is not available in most other properties, like having a storage.

Storage or an extra space is an example of what potential tenants highly value when looking for apartments, units, or any other rental properties.

Basically, it’s going to be a great investment if you buy a property that already has an appropriate amount of storage instead of just adding them after some time. You wouldn’t want to push up the price point and deter potential tenants when you do this, right?

Remember, a lot of tenants are not willing to pay additional rent for this kind of luxury. They can always find alternate solutions and make their own storage space anyway.