A good tenant is something that every landlord wants. Someone who pays on time, doesn’t take liberties with the property and is in general an easy person to get along with. However, sometimes it can feel like these sorts of people can be few and far in between.
So if you’re having trouble finding a good tenant, or getting a tenant at all, here are a few ways you can use a personal loan to update your investment property.
Technology and connectivity
First of all, let’s identify what the modern renter actually wants. According to a McCrindle survey on just that subject, tenants nowadays are after one thing: Technology – or rather, easy and available access to it. Of the five most-wanted features in a rental property, three of them were technology-related – cable internet, a strong mobile signal, and a decent number of power points in a room.
This speaks to a new generation of renters. McCrindle reminds us that 30 per cent of Australians rent, and they tend to be younger than the average. Generation Y is a connected group, and they look for this kind of access when they are shopping for a rental property.
Guided by the heart
Millennials have shown themselves to be heavily guided by their own set of personal values. The latest Deloitte Millennial survey has revealed that 55 per cent of them considered their personal values as very influential when making decisions at work – you can bet that their choice in housing will be guided in a similar way.
So how do you cater to this? Provide easy access to recycling, install a rainwater tank or even consider solar panels. If you can show that you have the same considerations as them, they may be far more likely to consider your property as tenants.
A few classics
It isn’t all about technology and values though. There are some age-old features that everyone wants, regardless of their age – millennials included.
“We find that prospective tenants nowadays place a lot of emphasis on having a modern bathroom and kitchen,” explained Hart Estate Agents to realestate.com.au in a January 11 article.
More plugs, an allowance for furry creatures and a better kitchen. All relatively simple stuff to implement, and you might find yourself receiving a far more significant level of cash flow for your effort.
If you’re looking at taking out a personal loan for home improvements, talk to one of our lending professionals.