Before seeking tenants for your investment property, there are a few things you need to do to ensure it’s ready. Thorough preparation of your property will ensure that you attract quality tenants and achieve a solid weekly rent. Here are some key tips and things to consider when preparing your investment property for tenants.
A well-presented property is much more likely to attract tenants. The first thing you should do when preparing your investment property is give it a thorough and detailed clean. This should involve:
- Steam-cleaning carpets
- Mopping/scrubbing other flooring
- Wiping down walls and surfaces, including skirting boards, light fixtures and interiors of cupboards/drawers
- Cleaning windows
- Thorough clean of bathroom, with particular attention to toilet, shower/bath, tile grout and exhaust fans
- Thorough clean of kitchen, including oven, stovetop and rangehood.
You may wish to employ a professional cleaner to ensure that you’ve covered everything, and that you’re achieving the highest possible standard of cleanliness. Remember that the standard you set is the one tenants will need to match when they vacate the property, so the cleaner the better.
It’s not just cleanliness that’s needed. Your property should be in the best possible condition in terms of fittings, fixtures and general presentation as well.
Here are some cosmetic fixes and updates you may want to consider before your property is put up for lease:
- Repainting walls
- Polishing floorboards
- Checking for any minor repairs that may be needed – for example, cracked tiles, leaking taps and so on
- Ensuring appliances such as ovens and stovetops are in good working order
- Updating any old or unsightly fittings and fixtures.
When it comes to presentation, the exterior of your property is just as important as the interior. Make sure you don’t forget about the following tasks while preparing your investment property:
- Mowing lawns
- Pruning and weeding gardens
- Clearing gutters and pathways of leaves and other debris
- Ensuring garage/shed is cleared out, clean and tidy
- Cleaning pool (if applicable).
There are a number of additions you can make to add value to your property, in turn making it more attractive to tenants and increasing the amount of rent you’re able to charge.
If your property doesn’t have the following items, they may be worth considering:
- Air conditioning/ceiling fans
- Built-in wardrobes
- Flyscreens on all windows
- New flooring (carpet should be replaced if it’s older than 10 years)
- New blinds/curtains
- Remote control garage doors.
You may even wish to update entire rooms. Kitchens and bathrooms are particularly important considerations for tenants – if they’re outdated, it can compromise interest in the property, as well as reducing the amount of rent you’re able to charge.
While an entire kitchen or bathroom update might seem like a big cost to take on, remember that any measures you take to improve your property now will ultimately result in a higher return on investment.
Compliancy checks and insurance
As a landlord in NSW, you are obliged to ensure your rental property complies with certain standards.
Before beginning the letting process, ensure your property meets the following standards:
- Smoke alarms must be installed and in working order, with a new battery put in place before tenancy commences
- Pools must meet fencing requirements and have a valid compliancy certificate
- If you intend to pass on water charges to your tenants, your property must meet the required water efficiency standards
- The property must be secured with appropriate locks on doors and windows.
You should also ensure that you have landlord insurance in place before renting your property to tenants.
Here are a few other things that may increase your rental property’s chances at success:
- Allowing tenants to keep pets (if appropriate for your property type). We’ve previously delved into the issue of pets in rental properties, discussing the benefits of being pet-friendly
- Including appliances such as washing machine/dryer etc. These types of inclusions are a definite value-add, but bear in mind that any appliances provided must remain in working order throughout the duration of the tenancy
- Performing a thorough pest check and enacting any necessary pest control measures before tenancy commences.
If you have any questions about preparing your investment property for lease, or if you’re seeking a professional to manage your property, please contact us today.