Real estate is perhaps one of the oldest forms of investment options out there. Despite what you may hear in the media, there is plenty of profit to be made in bricks and mortar. Let’s face it; everyone needs a place to live, and the rental market has seldom dipped considerably in the past few years. As you can imagine, owning properties that you then rent out will offer you a steady passive income.
If you’re new to the property market, you may want to know how to select the right places to buy and subsequently rent out. So, with that in mind, what is it that tenants want out of a rental property? Here are some of the most common requirements most prospective tenants have when looking for places to rent:
An accessible location
You may have found what you consider the perfect property to buy. And you’re sure that tenants will love it! But, if the location isn’t accessible, the interest in your house or apartment will be low.
Most tenants will need a place within commuting distance of major towns and cities. So, if your dream place is high up in a mountain and about 20 miles away from civilization, you should probably remove it from your shortlist.
A safe neighborhood
One of the things that real estate agents use to their advantage is when a property is located in a safe area. As you can appreciate, people want to live somewhere without fear of getting robbed or attacked. They also want safe neighborhoods to bring up their children.
When you research potential properties to buy and rent out, do some research on the areas surrounding them. It should be easy to find out crime statistics online for any neighborhood – Google is your friend!
As an extension to the previous point, tenants want to live in places that offer them peace of mind. That is, when they lock the house before going out, they expect their belongings to still be there when they come back!
In general, features such as strong door and window locks, alarms, and fences give prospective tenants extra peace of mind.
Nowadays it’s unusual for people to traipse around their neighborhood without a car, especially in rural areas. When looking at potential investment properties, be sure to add parking spaces to your checklist.
If you’re looking at houses, a driveway and garage are big selling points and can help you command higher rental prices. For apartments, be sure there is off-road secure parking available for tenants.
When you rent a property, the last thing you want to do is use appliances that are of questionable build quality or look about 30 years old! That’s why it’s important to invest in brand new appliances for your tenants.
In some cases, tenants may wish to use their own washing machines and dishwashers. If that’s the case, you could negotiate a discounted rental rate and use your appliances in future properties that you buy.
Now that you know what tenants are looking for, you’ll find it easier to get tenants for your new property.