Must Have Amenities For an Investment Property
If your property is missing something internal, like a laundry, or external, like access to public transport, you could find yourself with an asset that has high vacancy and low rents. Here are the amenities your property needs to be the first choice for prospective tenants.
Amenities outside the property:
Public transport: Access to fast and reliable public transport is vital to attract tenants. A nearby train station is ideal but a well serviced bus stop will do.
The CBD: The central business district is the largest employment hub in any city so the closer you are, the greater the number of potential tenants you have.
Proximity to schools: Renters with kids want a place near a good school. When investing in a property, you should know the quality of the schools nearby because this can affect the value of your investment.
Shops: More tenants are likely to be interested living in an area that has easy access to shopping centres, supermarkets, and coffee shops.
Healthcare facilities: While hospitals are visited infrequently by most people, some tenants will consider the proximity of health care facilities if they need regular treatment.
Lifestyle amenities: Nearby parks, playgrounds, gyms, and swimming pools are all drawcards for tenants.
Amenities within the property:
Rooms: The number of bedrooms will influence the kind of tenants you attract. Properties in family-oriented areas should have three or more bedrooms, while apartments in the inner city are more attractive if they have one or two bedrooms.
Kitchen: A good kitchen is non-negotiable for people who like to cook for themselves or entertain.
Parking space: If you have less parking spaces than bedrooms you are going to limit the range of tenants you can get because someone may have to park on the street.
Natural sunlight: Most tenants regard a lack of sunlight as a major turnoff.
In-unit washer/dryer: Sharing a communal laundry is a major drag and these days, many tenants won't stand for it. Make sure your property has space for a washing machine and dryer. If you can supply them yourself even better.
Outdoor space: Outdoor spaces are highly sought after in urban areas. If your property has a backyard, balcony or patio, this can attract many prospective tenants to your property.
If you have the right amenities you will attract more tenants and achieve a higher rent. Consider the market you are aiming for and make sure they can tick every box when they visit your property.