At the end of the day, if you are the owner of an investment property, without great tenants who pay their rent on time and who take care of your property, it doesn’t matter how strong you think your return on investment should be.
So how do you attract the best tenants possible? Here are the top 7 features to ensure your investment property includes.
- There are top quality schools in the area. Schools are extremely important to young families with school-aged children, so this is a very large deciding factor for those types of tenants. Additionally, quality of schools in a neighbourhood is a very good predictor of the quality of neighbourhood as a whole.
- The area is safe. Despite the overall high crime rates in South Africa as a whole, there are definitely areas that are far safer than others. Safety is a very powerful motivator for top-quality tenants, so we recommend only purchasing an investment property in areas with statistically lower crime rates than others.
- The suite is move-in ready. If your suite still requires a new, fresh coat of paint or a few other touch-ups, you will likely still find tenants easily, but they may not be the excellent ones you are looking for. If your target tenant is one who will take very good care of your property, you want to ensure your property looks very well-taken care of to begin with.
- It is close to the main employment centers. Quality tenants can work pretty much anywhere, yes, but if your property is out in the sticks, you may not attract them. No one likes a long commute! Look for investment properties within close proximity to top employment centers.
- The suite has some upgrades. Don’t settle for ‘good enough to rent’. Attract the highest quality tenants by including more than cheap finishes.
- Include appliances. Including things like a refrigerator, dish washer, stove, washing machine, and dryer in the suite will be a huge selling point!
- The neighbourhood as good amenities. Quality tenants care about a quality neighbourhood, so consider purchasing in a neighbourhood with good amenities like biking and running trails, parks, gyms, pools, the ocean, or shopping malls.