Due to the increase of house prices in Australia and the increase in price in well…everything else many young adults are opting to purchase their first property as a rental property and use the money they get back to save for a property to live in. Many home owners are also jumping on the bandwagon of rental properties and purchasing properties to rent out. This has changed the face of the real estate market and also means that in order to find tenants for your property you must present the property in its best light.
Finding a high quality tenant can be difficult, especially with so many properties being rented out. It is for this reason that you must give your property its best fighting chance but there are a few things you must decide before you put your property on the market.
When you are deciding who your target market for the property is you must determine how you are going to furnish the property for preview. If your target market is a young family how are you going display that a child can live in the property? You don’t necessarily have to furnish the property with children’s accessories but you could put a single bed in one of the bedrooms. Chances are a young family would have furniture to put in the property so they might not need your furniture. Alternatively, if your target market is students than the price of the property will more or less have to drop. While students may be a quick way to find tenants they certainly cannot pay the same rates as someone will a full time job. Students also may not have furniture to put in the property and therefore may need to use your furniture.
Are you going to rent the property as a furnished property, partly furnished or empty property? We all know that you have to display the property when it is furnished but will this influence how much you furnish the property? How you furnish the property for preview will influence what sort of tenants you attract so you must consider what style you are going to furnish your property in.
Next, what colour are you going to paint the property? While white is seen as a staple neutral colour are you concerned about smudges being highly visible? Opt for an off white or cream toned colour for your rental property, this will ensure your property still has a clean, professional and neutral colour tone without the space feeling sterile.
If you renting the property as an empty or partly furnished property what paint are you going to use? Chances are your tenants won’t care about the paintwork as much as you do and with tenants moving in and out of properties are you worried about the paintwork getting damaged?
When renting your property it is of utmost importance to have put your property forward in its best light to ensure that you are getting back everything that you want rather than having the property making no money and in turn costing you money.