What people want from a location tends to depend on the type of property they’re renting, so:
“If you’re thinking of investing in a flat that would appeal to young, urban professionals, decent transport links are important,” says David. “Most people in this bracket don’t want to be more than a five or ten minute walk from a transport hub.”
Alternatively, if you’re going to buy a three bedroom place that a family might move into, good nearby schools can up the rent. And while we’re discussing families, don’t assume that they’re the only ones who are interested in a garden.
“Most people want an outdoor space,” says David.
“Yes, families tend to want a bigger garden, but everyone likes somewhere to light a barbecue in the summer, or to sit and have a drink on a warm evening.” A patio or just some decking is often enough to secure a decent rent for your property. “Remember though, whatever the size of the outside space, people may well get put off if it’s not easy to maintain or accessible,” explains David.
“Times and tastes have changed and most people – even first-time renters straight out of university – look for kitchens that have storage space and are equipped with all the usual white goods.
“A dishwasher is an added bonus,” says David. “It’s not necessary to go overboard and spend a fortune, as long as the kitchen’s clean and functional.”
There’s no doubt that as far as letting goes, decoration makes a difference.
Put yourself in a potential tenant’s position: they’re considering moving into a place where they’ll stay for a while, and where they probably won’t be able to decorate themselves. Will they really be able to put up with a strong colour scheme (that they didn’t choose) in the long term? “It’s boring, but the standard route is neutral tones,” says David. “You may love a vibrant red wall, but this place is not about you and your taste, it’s about a wider audience.”
It’s a sign of the times, but off-street parking is very appealing to today’s urban tenant.
“More and more people consider the parking when they’re viewing properties to rent,” says David. “It doesn’t have to be a garage, you just need space to park a car – without paying extra for an on-street parking permit.”
You may well be constrained by budget, and if a one bedroom flat is all that you can afford, it certainly has its place in the rental market.
But if you do have a sizeable sum to invest, don’t let yourself be dazzled by a place that doesn’t make financial sense. “I’ve seen a lot of landlords get caught up in an aspirational game, and buy properties that they like the look of for their portfolio – rather than because they can make money out of them. Expensive properties don’t always guarantee sky-high rent. Again, don’t lose sight of why you’re doing this.”
It might not seem like a deal-breaker to novice landlords, but those with experience know that tenants often prefer a fully-managed property.
They tend to be reassured that a third-party will be able to take care of any queries professionally and promptly, and if something breaks down, there won’t be any delays with the repairs. Plus, as a landlord, it means that you won’t have to deal with the day-to-day duties – leaving you time to find the next property for your portfolio.
Pop in and visit your local branch to find out more.