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For buy to let investors, one of the most important elements of a lucrative and successful venture is having a lot of demand. Without demand for your rental property, you could fall victim to void periods where your property has no tenants and you recieve no rental income. In order to avoid this from happening, and even increase your rental costs, you need to really think about the qualities and features that make a property so attractive to tenants. So what are some of the things that tenants want from their rental?
If you own a buy to let property that has it’s very own parking space or spaces, you have a better chance of attracting more tenants. Off-road parking is one of the top things that tenants look for, so look to invest in apartments or houses with good parking facilities like a garage. If it is a house that you’re renting out, it’s worth thinking about creating a garage if you have the capacity to do so.
Many renters prefer a property with some kind of outdoor space. Whether this is a garden, patio, or balcony, a property with an outdoor area is a desirable amenity for tenants. Make the most of whatever outdoor space you have by maintaining it to a high standard and making it as presentable as possible. This might mean installing some artificial grass, painting brickwork, replacing fences, and adding some garden furniture.
For younger tenants, high-speed WiFi is a necessity. That’s why making sure that your buy to let property is equipped with a good internet connection is a great way to increase demand. RW Invest, a property investment company in Liverpool, feature high-speed internet in their rental properties — particularly within their student accommodation in which tenants will need a strong internet connection to aid their studies.
Location is very important when it comes to rental properties. The majority of tenants will want to rent a property that’s centrally located and in walking distance to a number of restaurants, bars, shops, and other amenities. Many tenants will even seek out properties in walking distance to their workplace, which is why city-centre investments are usually a good option.
Properties with white goods included are much more common these days, but it’s still something to remember before advertising your rental property to tenants. To stand out from your competition, opt for higher-end appliances from well-known brands. It may cost you a little more, but you could find it easier to secure new tenants and even increase the cost of renting.
Tenants are impressed by things like walk-in wardrobes thanks to the extra storage space this offers. If your property doesn’t have this, you could always invest in having one fitted. Alternatively, any storage space you can provide will also help your property stand out, so if you’re offering a furnished rental property, invest in sofas, tables, and beds with hidden storage features that your tenant is sure to appreciate.