Preparing your investment property for rent

REAL ESTATE
19-Dec-2019

With an abundance of properties on the market, renters have the luxury of picking from a large selection of properties to live in – it’s important that your investment stands out from the rest.

A well-prepared property will attract better quality tenants as well as increase your potential for a higher rental yield.

You don’t need to spend a lot of money to prepare a property for rent, however if you make some minor changes now, it could eliminate any future problems as well as reduce the amount of time your investment remains vacant.

Here are some of our top tips on how to prepare your property for rent.


Ensure your investment property is well maintained

Look out for the general wear and tear of a property and fix any issues such as chipped tiles, leaking taps or windows that are stuck etc. Ensure everything is in good working order and test all appliances such as the oven, dishwasher, water heater, washing machine and dryer if included.

Below are the minimum standards every property must meet prior to being rented out:

  • A functioning toilet
  • Adequate hot water to the kitchen, bathrooms & laundry
  • A functioning deadlock to all external doors
  • Window coverings to ensure privacy in all bedrooms & living areas
  • A functioning cooktop, oven and sink, as well as an adequate food preparation area
  • Working and safe heating in the living area

If you need a helping hand to fix any issues on your property, ABLE can help ensure your investment is well maintained and in great shape.


Make sure everything is clean

If you present an immaculate property at the beginning, you’ll set the precedent for the expected level of cleanliness at the end of the lease.

Ensure you clean all walls, floors, curtains, blinds, fly screens, windows, bathrooms, toilets, and the kitchen. A fresh coat of paint is an easy way to freshen up a property with minimal cost, while dirty worn carpets may need to be replaced.

Don’t forget to tidy up the outside area if you have one. Mow the lawn, sweep the balcony, rake up any leaves and prune unruly foliage. Make sure you take care of any pest or insect issues and clean up any cobwebs, or dirty windows and glass doors.

 


Present your property’s best side

Style your property to ensure it looks its best, as it will enable potential applicants to visualise living there.

Add a touch of freshness by adding some greenery inside; real or faux plants in beautiful pots look great. If you have an outdoor area you may want to plant some low-cost greenery to enhance the backyard or balcony.

Style your interiors so it looks great in photos and inspections. Add pops of colour with cushions, throws and artwork, and create little vignettes on coffee tables and bedsides. If styling is not your strength, you can hire a professional company such as Twostyle to do this for you.

You may wish to rent out your property fully furnished as this will often command a higher return on investment compared to a non-furnished property. Companies such as Twostyle can create custom furniture packages tailored to your investment property.

Don’t be hesitant to spend money on your asset as there are many low cost and simple ways you can add value to your home such as painting, installing new carpet and light fittings. These small changes will not only increase the amount of rent you ask for, but it will make your property stand out in a competitive market.

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