Tn investment property is a fantastic source of income. If you are looking at houses in Wyndham City, Point Cook or Sanctuary Lakes, it’s helpful to know what renters are looking for. If you are already renting out a home in these areas, you can also boost property value and your monthly rental income with these tips.
Before you buy
When choosing an investment property in Wyndham City, it’s worth knowing what renters look for in a home. Three major value determinants for rental homes are:
Location
It is always a plus to be in an attractive location. This means being within walking distance to shops, parks, public transport and health and recreation facilities. The distance from schools and the reputation of the school zone will directly impact the value of the property. For both renters with children and those who are simply searching for a safe, family-friendly neighbourhood.
Size
The size of your rental property means a lot. Our most popular houses for rent in Sanctuary Lakes and Point Cook have features such as a large backyard, separate family rooms, ample storage space and an open plan. Giving renters space to lay down roots also motivates them to stay for the long run.
Features and lifestyle amenities
Renters like to visualise the lifestyle they could enjoy if they were to live in your home. This is where features such as undercover seating, outdoor entertaining/bbq areas and swimming pools come into play. You want to create a balance of fun and functionality, without too many maintenance red flags. On-site parking is a must-have, and a shady, outdoor seating area is a big bonus.
Final touches and facelifts
If you have already chosen or bought an investment property, there is plenty that you can do to increase the value of your home to make it more appealing to quality renters. Here are three things you must have in your rental property with minimal investment.
Fresh, neutral finishes
First impressions count and when renters visit your rental property they want a polished product. Take care of any repairs and renovations before you start showing the property. This includes carpeting, grout refreshing, installing a new kitchen backsplash and a fresh coat of paint in a clean, neutral tone that appeals to most people. Artificial grass, pebbles and decorative paving are great ways to create an attractive outdoor area that is low maintenance.
Functionality
Experience has shown that renters are willing to pay top dollar to live in a home with modern bathrooms and a kitchen fitted with new appliances. These two areas show the most wear and tear. So, if you can update them, it makes the whole rental home appear low-maintenance and less likely to require repairs. Invest in extra storage units and storage shelves for the garage, to maximise the storage space available for your renters.
Comfort
Comfort can be a subjective experience, but some things are universal when it comes to making anyone feel comfortable in their home. Wyndham City is no exception to Victorian weather, which is why air conditioning is a must-have to attract quality tenants.
Security is also a priority for residents, so investing in good-quality locks and security screens is a great way to make tenants feel safe in their new neighbourhood.
Find quality renters with Established Property
If you are looking to invest in a rental property or simply want to raise your monthly rental income, we are here to offer valuable insights. Our many years of industry experience and expertise in the Wyndham City area, guarantee you with the best results . Feel free to connect with our bdm today.