PROP­ERTY

STAY UP TO DATE WITH REAL ES­TATE

Pilbara News - - Lifestyle - Rachel Pre­ston-Bid­well Rachel Pre­ston-Bid­well is a rep­re­sen­ta­tive of the Real Es­tate In­sti­tute of Western Aus­tralia.

Rent­ing out your prop­erty for a rea­son­able price and turn­ing it into a suc­cess­ful in­vest­ment can be chal­leng­ing.

This is es­pe­cially so in the cur­rent mar­ket.

Here, we share some tips on how to make im­prove­ments to your home to get a ten­ant into the prop­erty as quickly as pos­si­ble and ob­tain a rent price that works for both par­ties.

Make some home im­prove­ments

If your in­vest­ment prop­erty is a lit­tle older, it may ben­e­fit from some low-cost cos­metic ren­o­va­tions, in­clud­ing: A coat of paint. New blinds or cur­tains. Fresh car­pets. Up­dated/mod­ern light fit­tings.

Fresh­en­ing up your rental prop­erty and re­pair­ing any dam­age to the home can make a big dif­fer­ence to a prospec­tive ten­ant. You may also wish to con­sider in­stalling fea­tures such as air-con­di­tion­ing, security screens or an alarm.

These types of items can add value to your prop­erty and can be an at­trac­tive in­cen­tive to a ten­ant.

Con­sider ten­ants with pets

Many land­lords won’t al­low ten­ants with pets, so those who are will­ing to be pet-friendly are at a par­tic­u­lar ad­van­tage and can potentially at­tract a higher rent re­turn. If you are con­cerned about a pet dam­ag­ing the house, talk to your prop­erty man­ager about a pet bond, in ad­di­tion to your main bond, to cover fu­mi­ga­tion costs if re­quired at the end of the ten­ancy.

Speak to a prop­erty man­ager

Prop­erty man­agers have a good un­der­stand­ing of the rental mar­ket, in­clud­ing the types of prop­er­ties in de­mand in a par­tic­u­lar area and the go­ing rent prices. Speak to a lo­cal prop­erty man­ager for rec­om­men­da­tions on rent and even about what im­prove­ments you could make to your in­vest­ment prop­erty.

They can also help en­sure you don’t over­cap­i­talise on your rental, by rec­om­mend­ing what im­prove­ments are sought af­ter by ten­ants and what to avoid.

If you’re look­ing to rent out your prop­erty, speak to a lo­cal agent.

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