House hunting is exciting; I mean, who doesn’t love it? Choosing a buy-to-let is even more exciting; especially for young couples who are just starting to live out their love story. There’s just something profound in owning a home; that is, after considering all the factors like calculating your budget and choosing the right location before the exciting part, choosing a property.
In most countries, young couples opt for rental properties when it comes to setting up their first home. So landlords have to adjust their mindset by thinking of the right offer to give to their tenants instead of being carried away by pretty gardens or wonderful designs… not like that isn’t also important.
As a landlord, you have to ignore all your likes and dislikes, understand what potential tenants want and look at each property from a business point of view so you provide the best offer for your clients; especially young couples who are eager to find the perfect home. You want a property that everyone will want, not something you want to live in yourself and thus, won’t perform well in the house hunting market. As such, here’s how you can make your buy-to-let attractive to young couples and basically everyone!
Your property needs to offer more than just a place to live in; it needs to offer a lifestyle; as most tenants are looking to stay for years. As such, having your buy-to-let property in a popular and appealing location will improve demand and certainly, rental income. A location with good transport link will result in demand from potential tenants; as most renters love to live within or close to a transport link to amenities; be it station, bus stop, school, gym, restaurant or supermarket.
Not to mention that most young couples with children or looking to start a family will find it more important to live close to schools, and as such, will be willing to pay more rent to live in the right place. If your property is far from transport links, renters will be put off by the thought of having to drive hours to their work place, the supermarket, etc. Ask yourself where you’d love to live in; a property that requires you to drive hours to get somewhere? Or a property that’s close to those amenities?
More Space is Better
Tenants love having plenty of space in their property; especially for young couples with kids or looking to have kids; and they’re more likely to pay more rent to have a larger property; and even extra to have an en-suite for every bedroom…. and extra rent means more money. Having a larger space means tenants won’t move elsewhere when and they won’t outgrow the property.
A larger kitchen is also much loved by young couples; as well a parking space and storage space/built-in storage. Storage space is actually more important as it’ll be needed for bulky items like vacuum cleaner; and their home won’t feel cluttered. You can also make the property appear bigger and more spacious to renters by using light colors to paint the interior of the property. Also, making use of and painting your skirting board, trim and other mouldings the same color with the interior will make the wall appear taller and, the space seem bigger to renters. You can also consider providing wardrobes, loft space, garden shed, etc which will make your property stand out.
Garden is a Plus
Young couples, especially the women love gardening as a hobby, to destress or for fun. As such, providing a garden will be a huge plus for your property to stand out as it’ll be attractive for potential tenants who love gardening. Although, a garden can cause issues if tenants don’t look after it. As a landlord, you can include a gardener in the cost of the rent fee to ensure the garden is properly maintained when tenants move in.
Young couples don’t often have time to dedicate to gardening; so a gardener would make it better and easier, the better. Also, a simple landscape garden will be just fine to make your property attractive, and also save your potential tenants time during gardening. Also ensure the garden is low maintenance or it could cause more hassle than it’s actually worth.
Having an insurance isn’t necessarily important, but it’s advisable as it’s designed mostly for buy-to-let properties. An insurance protects you from anything that could possibly need protecting against, including your property, theft, tenants, damage, contents, accident cover, loss of rent, legal expenses, length of tenancy, etc.
As a landlord, your agent will produce a legally binding contract for all parties to sign; and you’ll inform your insurer that you’re renting out your property so as to validate your insurance. Although, it’s best to compare landlord insurance policies before taking such step to decide what landlord insurance provides the protection you require. If you want to ensure your rental property is protected, then you need a landlord insurance.