Building an investment property is becoming increasingly popular in Queensland. It is a desirable place to live and it is significantly more affordable than the Southern states of New South Wales and Victoria but a lot of investors make the mistake of not researching what tenants actually want in a rental property.
If a property doesn’t tick a certain amount of boxes then the property will sit vacant and the investors returns will dramatically reduce. We’ve put together some of the things that tenants have high on their priority list.
Pet friendly – With 63% of Australian households owning pets, making your property pet friendly will greatly increase its rentability.
Air-conditioning – At the very least ensure the property has air-conditioning in both the living room and main bedroom. It’s even better to have it in all the bedrooms. Ceiling fans throughout the property also gives the tenants the flexibility to save on power and open the house up.
Oversized entertaining area – We still see new homes being built where the outdoor entertaining area won’t accommodate a 6 seater dining table, chairs and a BBQ. Make this area a little larger and you will have happy tenants.
Gas cooktop and hot water – A gas cooktop is a desirable feature for tenants and gas instantaneous hot water means no cold showers for the last person.
Privacy and fenced yards – Privacy for tenants, especially with duplexes and dual occupancies is essential. Blinds or curtains should be included and ensure the property is fenced, even if the yard is small.
Don’t put the laundry in the garage. Although this isn’t always a deal breaker a separate laundry with or near a linen cupboard is an advantage.
Finally, a garden shed for storing the mower, good natural lighting, multiple TV points and internet access all go towards making a property attractive for prospective tenants.
If you ensure you get these basics right when you are building your investment property you are more likely to attract the right tenants quickly and at the right price.
Written by Patrick Sherwood