What Does a Tenant Look For In a Property?
When looking at potential properties a tenant will look at a number of things to ensure whether the home they are viewing is for them or not. Firstly affordability is essential, so landlords be aware of the market comparables so that you aren’t pricing yourself too high (or too low) but cleanliness, property condition and location are also high on the agenda when it comes to choosing the right rental property.
Let’s look more in depth.
Number one on a list of tenants priorities is affordability. Many rent because they cannot afford to buy, they will want something reasonably priced for their needs and won’t want to pay over the odds for a bog standard home. Landlords should be aware of this and looking after your tenant financially is likely to see them stay in the property for a longer length of time. Its key to know your place in the market so if your home is basic in comparison to those on the market, try and undercut the competition to get tenants in. If it’s superior to other comparables and has newly designed kitchens and bathrooms, fancy gadgets or attractive gardens, then tenants don’t mind paying a bit more.
Cleanliness
The first thing a potential tenant will notice on viewing of a property is its cleanliness. Is the property in good condition? Does it look presentable and is it worth the money its valued at? (see above). Making sure the property is presentable, clean looking and warm is minimum effort for maximum benefits. If a property looks shoddy, damp, depreciated and unloved then a tenant won’t initially fall for its looks. They probably won’t make you an offer, but if they do, it might be a lower one than what you might think it’s worth. First impressions count, tidy up, bring the home to life and attract the right tenant because if you care about your property, your tenant will. If you don’t… Why should they?
Property Condition
When a tenant moves out invariably the void period on a property would involve some maintenance work or decoration. This is essential for any landlord to spruce up the property prior to advertising. Check the boiler, check all the taps are working, check for damp and rot, check the carpets and floors are good and check the windows and doors. If a property looks in good condition it will attract a better paying tenant. You might be able to charge slightly higher than average and a tenant won’t mind paying for it if everything is in working order.
Location
Tenants tend to rent in places they ‘need’ to live rather than places they ‘want’ to live. A property near to schools, amenities, public transport and industry etc will always rent better than a place in the middle of nowhere. Attracting to the masses will ensure a bigger demand. After all, location location, location is essential when it comes to property.
Finally
As a landlord, take these tips on board, clean, presentable, affordable in a good location and in a good condition, and you will attract the right sort of tenant for your property, one that will happily stay in the home and one that won’t mind too much if your rent slightly rises each year – if you keep on top of the properties presentation. If you leave your property to look underwhelming and you don’t nip snags in the bud before they turn into issues, then your tenants won’t care for you or your property, and it will show (becoming more expensive) when trying to let your home out again.
Any tenant reading this should also look for all things mentioned above. Make sure the property isn’t overpriced in relation to others locally, make sure it’s in a suitable condition for your needs and if anything needs snagging or seeing to, let the letting agent or landlord know. Don’t be afraid of lowering your offer but don’t be too cheeky, as a good property will usually be snapped up pretty quickly. Ask the agent how many viewings are booked in, ask how many it has had, this will give a good indication to whether the property is worth what it says it is. Make sure the location is right and make sure the property is right for you.
Source: PropertySecrets.net
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