Four Tips To Help You Rent Out Your Investment Property
Renting out your property and turning it into a successful investment
Renting out your property for a reasonable price and turning it into a successful investment can be challenging.
We share some tips below on how to make improvements and get a tenant in as quickly as possible with a rent price that works for both parties
1. Make home improvements
If your investment property is a little older, it can benefit from some low-cost cosmetic renovations, including:
- A coat of paint
- New blinds or curtains
- Fresh carpets
- Updated/modern light fittings
Freshening up your rental property and repairing any damages can make a big difference to a prospective tenant.
2. Consider features tenants want in your investment
- Air conditioning – Western Australia’s scorching summers bring searing temperatures and heatwaves that can make living without air conditioning very uncomfortable. You don’t need it in every room of the home, a reverse cycle air conditioning unit mounted on the wall of the living area can make a huge difference to comfort levels in extreme heat.
- Good quality fixtures and appliances – If basic kitchen appliances like the oven and stove are faulty or not of a particularly good quality, then tenants are more likely to shop around for a rental that better meets their needs. If some items in your rental are aging and not working as well as they once did, it’s worth looking into how you can upgrade them.
- Security – WA legislation requires windows and external doors to be key lockable. Front door must have a deadbolt. Other items to consider that add value are alarms, roller shutters and security screens.
- Connections – Tenants want rental properties to be equipped with data points for fast effective internet and multiple power points for all that gadgetry. Strong mobile signals for smartphones has become increasingly important.
- Parking – Owning a car is commonplace in Perth which means tenants often search for accommodation that includes a parking space. The convenience of having a safe, reliable place to park your car is a big plus. If you can offer a prospective tenant the security of a parking space you have an advantage.
3. Consider tenants with pets
Many landlords won’t allow tenants with pets, so those who are willing to be pet friendly are at a particular advantage and can potentially attract a higher rent return.
If you are open to allowing pets to live in your rental property, you open your investment up to a larger scope of tenants. You have the right to request a pet bond to cover the cost of fumigation of the premises. This is a requirement as part of the Residential Tenancies Act.
4. Speak to a property manager about your investment
Property managers have good understanding of the rental market, including the types of properties in demand in a particular area and the going rent prices.
Don’t overcapitalise! Speak to your local property manager for recommendations and what to avoid.
