3 key factors to ensure tenants will love your investment property!

At Propell, we love QUALITY property.

But what does this actually mean?

A huge part of it is the idea that your investment will provide a family with a home. Is there a reason people will want to live in your property? What’s the drawcard?

For a family to live in your home, there MUST be a reason, people don’t just live in places without seeing a benefit. So, at the end of the day, a quality investment property is about ensuring that you’re providing a great home that is in demand, attracting high-quality tenants for the long run.

Here are three key factors to ensure your investment property will not only be in demand – but also LOVED.

1. Floor Plan Functionality Providing a SPACE that people actually want to live in is the first step to ensuring that your investment property is in demand. After all, if your property doesn’t have a quality, functional design and floor plan, you are significantly reducing the proportion of interested, excited prospective tenants.

   Several of our current clients are achieving great results in growing equity through their new builds, laying heavy precedence on providing a highly functional and liveable home.

   What makes you enjoy living in your home? Is there something special? Maybe it’s just the vibe – it might just feel like home. This stems from providing a quality space, ensuring that the little things are present, things like adequate cupboard space, double showers, maybe even a study. These factors may seem small, but upon reflection, they are what turns a house into a home, and allows prospective tenants to truly see themselves living in the space.

   There’s a Scandinavian concept known as Hygge, which essentially refers to having a warm, cosy and homey vibe to your space. That feeling of liveability – it’s known to be of huge benefit to mental health and overall wellbeing. There’s a stark difference between a home that has Hygge and one that doesn’t. You know, those sterile, hotel-chain like designs that make you feel like you’re just existing in the space, compared to a comfortable, positive home that FEELS like home.

   Finding an investment property that promotes the idea for tenants to create their own homey feel is essential to ensuring that your investment property is in demand. Ultimately, having a home and floor plan that is liveable and functional is a key to this!

2. Outdoor Space Next on the recipe for a well-loved investment property is SPACE.

   Over the last couple of years, people all across the globe have become all the more appreciative of space within the property. Lockdowns, school closures, and work from home has made the home feel smaller than ever, and we’re all so much more focused on finding a property with a little bit of room to move, even if it’s a little courtyard or garden.

   Gone are the days where houses built just about ON one another are the norm. We all want a little bit of a yard – somewhere for kids to run around, the dog to get some air, and maybe even some room to grow a little veggie patch.

   And it’s not just from a wellbeing perspective – the more area that your property has, the more the property is worth moving forward. Looking at the long-term, square meterage is what builds equity, and as demand for land occurs, larger-than-standard blocks become highly sought after. So, skip the idea of buying a place with no side access, and no availability for room to move, because if you don’t want that, who will?

   Finally, maximising your land with quality landscaping is great. We see so many new builds in estates, where buyers have clearly forgotten to include landscaping as part of their package. Just like that, keys are handed over, they’re moved in and the only landscaping on the property are some lovely long, grassy weeds atop a pile of rubble. We always recommend factoring in landscaping into a property purchase, because we all love a space that looks cared for.

3. Location, Location, Location! The final part of this puzzle is all about purchasing property in a quality LOCATION.

   Off the back of the Pandemic, it’s not just space we want in our home, we also want to live in places that make us feel happy. People can get caught up in the fact that new property is super cheap, but is it in a quality part of the world? Are there parks nearby? A beach?

   A hallmark of a good location is quality infrastructure. If you’re planning on purchasing an existing home, are there good schools, supermarkets, sporting facilities and hospitals nearby? If you’re building new, do the plans highlight this?

   Another interesting thing to consider is whether there are plenty of owner-occupiers in the area. If so, it can mean that people really care about living there and buy specifically to live there. It can definitely provide that final peace of mind to ensure you’re purchasing in a quality location.

At the end of the day, all of these factors work together to create the experience for you, or your prospective tenants. If you purchase a property in a good location, with a bit of space, but the house is a nightmare – are people going to want to rent it? Will you need to spend money on making it liveable?

If you consider all of the elements, things will certainly work in your favour. Your investment property relies upon having quality tenants. If you can ensure this by buying quality property in a great location, you’re setting yourself up for solid long-term results.

Our tailored Propell Property Plans consider your investment journey from all angles – including that of your potential tenants.

Property investment can be daunting, we’ve got your back!

Want to chat more? Get in contact HERE – we’d love to hear from you.