When purchasing off-the-plan property, consider catering to the rental market and take advantage of the option to customise to fit potential tenants’ needs.
Catering to the Rental Market
When investing within off-the-plan property, landlords and investors should adopt a specific mind set, tailored to the needs and wants of the rental market, to ensure their property will perform successfully. This requires a defined and detailed list of particular attributes an apartment and/or apartment building should offer, to ensure tenant satisfaction.
Space, space and more space! Tenants love space! Whether it is a spacious living area, a generously sized bedroom (YES, a bedroom that fits a queen-sized bed and two bed-side tables) or a large balcony, look for an apartment that is well designed and offers versatility. Broom closet living should be left to Harry Potter, not to your tenants…
Other than space, tenants also love natural light. OK, maybe not after a big night out, however, the majority of tenants look for bedrooms and living spaces that offer morning or afternoon light rays. Allow your apartment to be flooded with natural light, as it will only increase its market appeal.
Kitchens, this is an easy one, must be well equipped. Inclusions should comprise of a dishwasher (or dish draw), oven, stove, sizeable fridge space and dual sink, just to name a few. If you are purchasing an apartment that offers a galley style design, try and include a study bench at the end of the cooking area. Maximise the use of space, the busy professional is known to cook while sending emails at the same time. A study area, or study nook is a great way to show the tenant market that your apartment has a lot to offer.
Offer tenants the bells and whistles, as this will maximise your market appeal. The bells and whistles may include broader aspects of a purchase, such as building facilities like garden rooftops, BBQ areas, gyms, pools, rental car access and entertaining spaces. If you can purchase within a development that offers amenities onsite, tenants feel they are getting bang for their buck. Building facilities are seen as an attraction and assist in maximising individual apartment appeal. Also, consider extras such as car parking, storage cages and appliance packages, these extras may set you aside from the rest, should you see your apartment become available within a saturated rental market.
There is always a lot to think about when investing within property, let alone investing within off-the-plan property. However, if you stick to the basics and account for the needs and wants of tenants, you will increase your chances of investment success.
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