Education and news for smart DIY landlords!
You probably already know this: Whenever renters look around for a place to call home, they keep a list of desired features in mind. What's interesting is that most renters value certain features more than others, and that's what we're going to tackle in today's article.
If you want your rental property to stand out, check out our list. Surely, potential tenants won't be able to resist them if they find them in your rental. Ready?
The reality is that some tenants look for rentals with parking spaces. Never ignore the demand for car space. Car owners leave home not knowing whether they'll still have a space to park their car when they return in the evening. If you own a rental in an urban area, consider parking needs.
"Should I furnish my rental property or not?" Many landlords ask this question. A fully furnished apartment has everything in place, from the pieces of furniture to toiletries. Furnished rentals tend to cost more. You can charge a higher rent from tenants. Take note that a furnished rental appeals most to tenants who tend to move from place to place. Usually, these renters are millennials.
If your rental has an open floor plan, it means that it doesn't have walls to separate the living room and dining room. Some tenants like to live in a "more spacious" rental. Also, having an open floor plan allows most areas of the rental to benefit from natural light during the day.
Thinking of providing an on-site laundry for your tenants' convenience? This feature is sure to attract more renters - especially young working professionals. Consider at least one communal laundry room with coin-operated machines. On-site laundry also provides landlords with passive income!
It would make perfect sense to install a solid fence and some security cameras outside the property if your rental is in an area with a high crime rate. As a landlord, you have a duty to protect your tenants and make them feel safe. When speaking with a prospective tenant, you'll want to mention that you always change the locks when a tenant moves out.
This feature is essential. Tenants love to keep it cool especially during the summer. You might want to go for central air instead of a window unit to prevent air leaks and moisture inside the rental.
Spring and summer - they're the times of the year when most tenants would love to spend time outside. They'd read books, enjoy cool beverages, chat with guests, and let their kids play. Balconies are definitely nice to have, and you're likely to attract more renters.
Do you have one or more of these features in your place already? No matter which features to go for, make sure that they meet your tenants' basic needs. It should be your goal as a landlord to make their lives easier.
If you’re ready, make Landlord Prep your go-to resource for landlording education. Here, we offer a complete DIY landlording course to get you on the right track. Join our academy today. If you want, you can check out Flavia’s real estate investing webinar first!