A rental property without a regular tenant is an empty investment. If you own any type of property, you would want it to have an occupant all the time. Not every property can attract renters as you might expect, though. Sometimes, the property is naturally a high vacancy one—ergo, it’s not a profitable rental property by default.
As such, you have to look for low vacancy at the time you’re searching the market for real estate opportunities. Essentially, you have to look for these four factors:
Storage space is a dilemma many tenants often face. A good property is something that has enough cabinets and storage areas relative to the number of people who occupy it. Built-in wardrobes are a plus, as well as other forms of internal storage. A spacious garage contributes to the property’s appeal; there should be available space to provide extra room for storage apart from housing a car.
When investing in real estate in Taylors Hill, Modeina.com.au recommends comparing the number of bedrooms to the number of bathrooms in the property. As much as possible, there should be a 1:1 ratio between the two. This is, of course, the ideal situation. There are times when there are more bedrooms than bathrooms—and that’s fine. Nonetheless, you have to make sure the bedroom-bathroom ratio of the property is spot-on with the features tenants look for in the area.
Be prudent about the location of your rental property. Check the demographics of the area before you settle on a house to buy. City centres tend to focus more on apartments that are close to shopping centres and offices. In the suburbs, the spotlight is on the total amount of space in a lot, alongside the amenities available in the community.
Curb appeal does matter, even in a rental property. A good exterior shows the house is well maintained. Any tenant would have an easier time signing a deal when the property looks great inside and out.
A profitable rental property is something you have to look for. Keep an eye out for these features and make sure the house you buy will have tenants all the time.