Top 5 Things To Improve Your Property When Renting
By Stefaan Gheorghe • Apr 2, 2021
For a successful and peaceful living arrangement, it is very important for a tenant and the landlord to be in sync and respect the expectations they have of each other. A landlord looks for an honorable tenant who is responsible and financially stable and likely to be able to pay rent on time.
But these expectations must be met both ways. For the prospective landlords out there, it is important to understand the needs of the renters and provide them with comfortable standards of living that attract trustworthy tenants and makes the whole transitioning into the role of a landlord, much easier.
What are the tenant’s expectations from a living space?
In advising any landlord for developing a lucrative rental property, we must understand what appeals to a tenant. These are some of the major features that a tenant seeks out in a rental property.
Location
A prime location is always sought after. It can often justify a higher rental quote and attracts better quality tenants. Proximity to a place of employment is primary in choosing a living space. Therefore, it is wise to develop a property with rental intentions, near a concentration of offices and work districts. The location should also ensure easy access to markets, grocery stores, departmental stores, hospitals, pharmacies, restaurants, malls, theatres and other day to day necessities, entertainments and luxuries. Long commute for daily access to any of these institutions, could be a deal-breaker to many tenants.
In building rentals for familial use, one must be able to guarantee the ease of access to school districts and healthy community space with parks and recreational pools. These properties attract young families and make for a relaxed homey living environment for prospective tenants.
Homeowners can also be liable to receiving insurance if their property undergoes destruction in case of any natural disaster. Homeowners should get their property insured in order to prevent their time and resources from getting wasted. However, before signing up for insurance, you should also be careful of the terms and conditions in the same as you might often be tricked by the insurance companies. In case you want to know more, you can get greater insights from here.
Safety and security
Location is very closely linked with safety. A safer district is more likely to motivate a desirable clientele for the landlords. Guaranteeing safety is one of the primary responsibilities that falls upon the landlord and there are several measures that can be taken to ensure the same.
Gated property and hiring security personnel is the foremost step in a safe community building. Researching crime statistics of the area where one intends to develop the property is crucial in making the right choice. In an existing property, steps can be taken such as installing efficient alarm facilities to alert in case of burglary or even fire. Installing CCTV surveillance is also of prime importance. When a tenant feels safe in a living environment they are more likely to be loyal and cooperative clients.
Move-in ready conditions
Tenants most often look for properties that are ready to move in. Rentals are usually temporary living options brought about by migratory needs and there is always a time crunch associated with finding a desired rental property. Tenants cannot be expected to wait out a time-consuming renovation project or completion of the property and are likely to lose interest and move on. It is very vital to ensure that a rental living space is fully equipped to accommodate tenants immediately before it is put on the market.
Inclusion of appliances and services offered
Not all rentals come fully furnished although furnishing a rental space may attract a larger group of younger tenants, like students or young employees, who are not equipped to undergo the hassle of furnishing and designing the living space themselves. However, furnished or not, it falls upon the landlord to ensure the availability of the basic essential appliances like a well functioning electrical design and water systems. Proper lighting and 24*7 water supply aside, it is key to ensure adequate power sources and electrical outlets on switchboards for the more digitally reliant tenant base. Adding washing machines, microwaves, oven tops, gas-lines, dish-washers, can be a great incentive for high-paying renters. It is also important to assure the quality of appliances to avoid and coordinate repairs.
As for services, tenants expect a few basic ones like parking facilities, adequate storage, elevator access, communal laundry, availability of employable labour to tend to house needs like cleaning, gardening, and so on.
Age of property, upgrades, and renovations
Tenants want to avoid the hassle of daily repair, therefore it is crucial to ensure a sturdy if not a brand new property. Timely upgrades and repairs or even undertaking dramatic renovation projects (read: Snazzy modern apartment replacing 1960s shop) help a landowner to ensure the property remains relevant and lucrative in the renting market.
Conclusion
Perhaps the most important thing a landlord can offer their tenants is cooperation and compassion. To keep good tenants, a landlord must hold up their end of the bargain and provide swift and efficient service, in addition to desirable living conditions. These are some of the things to keep in mind while developing a property for renting.
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