When it comes to renting out your Perth investment property, it’s not as easy as simply moving out and hiring a property manager to post an advertisement.
There are a number of steps you should take as an investor to prepare your property for tenants. After all, a well-prepared property is more likely to attract higher rental yield and better tenants, as well as streamline the renting process. Here are some simple ways to prepare your Perth investment property for tenants.
The bare essentials
Before you focus on the aesthetics of your Perth investment property, make sure that you have covered the basics. This means ensuring that the property has all the bare essentials, such as a phone and Internet connection, heating, cooling, wi-fi, good water pressure, smoke detectors, and the necessary security and privacy measures. It is also a good idea to change the locks and organise a spare set of keys for yourself and your property manager. In terms of privacy, ensure that curtains or blinds are installed on all windows, and that sturdy fencing and screening is in place.
Repairs and professional cleaning
If you have been living in your Perth investment property, it may have quirks that you have become used to living with, such as a dripping tap or broken tiles. Now that you’re renting out your property, it’s time to get on top of these repairs and ensure everything is in perfect condition, as this will protect you from bigger and more expensive repairs down the track. On top of this, if your property appears well cared for when the tenants move in, they are more likely to continue to take excellent care of it.
Add value in simple ways
Making simple updates to the interior of your Perth investment property is a great way of lifting the mood and making it more appealing to prospective tenants. Replacing and updating the three ‘f’s – flooring, fittings and fixtures – is a simple and effective way of freshening a property without breaking the bank. Similarly, applying a fresh coat of paint can make a world of difference in modernising the property. Lastly, don’t neglect street appeal; mowing, weeding and mulching your garden will ensure the first impressions of your Perth investment property are all positive.
Decide what you will and won’t include
Will you be renting out your property furnished or unfurnished? Nowadays, most tenants have their own furniture. Furnished properties were popular following the mining boom due to workers coming from overseas and interstate but are not as common now. It is also important to remember that if you decide to rent out your property furnished, this will increase the maintenance costs as you must maintain the furniture as the property owners.
There is always the option of partly furnishing your property, which can mean leaving a washing machine and dryer for your tenants but leaving them to their own devices when it comes to appliances and furniture such as a fridge, freezer, bed and couches.
Lastly, you will need to notify your insurance company than you are no longer living in the property and organise landlord insurance. Landlord insurance generally covers unpaid rent, accidental and malicious damage, and legal costs in the case of someone being injured on your property. You may even be able to claim your landlord insurance as a tax deduction at the end of the financial year.
Make your Perth investment property as competitive as possible with Rentwest Solutions
At Rentwest Solutions, we are experts in ensuring your Perth investment property is as attractive and competitive as possible. Whether you are deciding between renting out your property as furnished or unfurnished, determining a rental rate or looking for ways to increase your property’s appeal, our Perth property management team are here to help you make the best decision. To find out more about our property management solutions, get in touch at (08) 9314 9888 or email us at [email protected]