What should your rental property include?
In previous articles, we discussed the importance of having a clean and maintained property to attract a qualified tenant. In addition, what should you include to help maximize your rent and make your rental attractive?
Some landlord’s don’t want to add anything more than the basic necessities, working to limit expenses. And that is understandable. Owning a rental property is about generating rent income and cost prevention. Nonetheless, there are some items that add value and make a property attractive to qualified tenants, allowing it to rent quicker. Those items are appliances.
When it comes to appliances, most tenants typically need them. Granted, some may have their own refrigerator, washer or dryer. However, most don’t typically carry those around. Therefore, it is best to have a property equipped with them. A refrigerator, range/oven, microwave/vent hood, dishwasher, washer and dryer are typical appliances that are expected and can lead to the property leasing faster at a competitive rent.
When you purchase an investment property, you may notice that the range/oven, microwave and dishwasher are already in, however, the refrigerator, washer and dryer are not. What can you do? You may be able to wait on those until you find a qualified tenant. If a tenant happens to have their own and wishes to use them, you can choose to allow that. Otherwise, be prepared to place an order at your local home improvement store. Don’t forget to allow time for delivery so that the appliances can get in on time. Not having them on the day the tenants take possession can postpone a move in and/or reduce your rent income, adding cost, lost rent and a stressful situation. Since most tenants will request them, you may choose to get ahead of the curve.
Be a proactive landlord. View your rental property as an investment rather than a quick buck to be made. Have the essentials to make a rental property successful and profitable.
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