Making Your Rental Property Worth It

There’s not denying that, while rental properties are a great source of income in the long run, getting that property up to scratch isn’t always easy. With the market demanding more from property owners, it standard that a property has to be in prior to it being rented out to the right people has risen.

To ensure your rental property is worth the hassle, there are a few things you should do:

1. Figure out your target market

If your target market is students, there is no point intending to leave your rental property empty. Alternatively, if you target market is a family, there is no point intending to leave your property furnished. Figuring out the basics of who is going to rent the property, how long they are going to rent it for and how much they are willing to pay for rent are the first things you must do! Without getting right down to the bones with these details, you will just be setting yourself up for disappointment in your tenants.

2. Consider costs

Say, you’re renting your property furnished. There should be no reason why your tenants are moving large objects in the property, such as beds, refrigerators and lounges which means there is no obvious reason any paint should be ruined on the walls. On the other hand, say you’re renting an empty property to an expecting family. Chances are furniture will be coming in and out of the property, which puts the property at risk of paint chips and scrapes. When considering this, it is up to you as the owner to decide if you are going to splurge on paint to ensure there is minimal damage, or if you are going to get cheaper paint, so it doesn’t matter too much if the paint is ruined.

3. Treat it like your own house

While you own the property, it is easy to not think about the property as your own. Consequently, this means that some property owners skimp on the small stuff. Remember, no matter who your tenant is, they expect you to ensure everything in your property is in working order. This means fixing all cracked tiles, leaky taps, holes in walls, broken appliances, blown globes and so much more. Ensuring that all these minor details are in order is absolutely essential in ensuring a positive tenant/owner relationship!

Having the basics covered prior to renting out your property is absolutely essential. If you want amazing tenants that rent from you in the long run, then it is important to be the best property owner you can be!