Investing in property is smart for a number of reasons. Firstly, you can enjoy capital growth on your investment, and secondly, you can generate an income once you find reliable tenants. Unfortunately, the latter is often easier said than done, as good tenants are like fairy dust – thin on the ground. But, if you do your homework and know what type of tenants to attract, the job is a bit easier.
Find the Right Property
For landlords hoping to attract high-end tenants, the first step is to invest in the right property. Tenants that are more affluent expect a certain standard of accommodation, so look for apartments in a smart district or beachfront location. When a high-end tenant searches for “houses for rent near me”, your apartment complex should be the first one they see. This type of tenant wants all the amenities, so apartment complexes need to have 24/7 security, leisure facilities, and anything else equivalent properties offer.
The next job on your agenda is to make sure the property’s interior appeals to affluent tenants. High-end tenants expect to find all mod cons when they move into a rental apartment. You are most likely to attract young professionals in a high-income bracket, so put yourself in their shoes and consider what they want from a living space.
A designer kitchen is a must-have feature in a high-end apartment. Invest in modern kitchen units and fully integrated appliances. Now is not the time to indulge your dream of Country Life. Cute timber cabinets and shabby chic fixtures won’t cut it. Instead, look at sleek high-gloss units with concealed handles. Floor to ceiling storage in white with polished granite countertops is a good choice. Appliances should be concealed where possible, to avoid ruining the line of your kitchen.
A blonde wood floor is a good choice. Stick to pale color schemes, as this will appeal to the maximum number of tenants. LED lighting is a must-have. Install lighting beneath cabinets and along kickboards, as this will look extra attractive for evening viewings.
Remember that millennials prefer to entertain at home, so an eating area in the kitchen is essential. If the room is large enough, a kitchen island that doubles as a breakfast bar would be perfect, but remember to add an impressive feature light, such as a glass chandelier.
Bathrooms should be clean and elegant. Wet rooms are suitably minimalist, but if this is not an option, install a walk-in shower with a standalone tub. Provide storage in the form of in-built cabinets and fit hanging bathroom furniture to create extra floor space. Mirrors are a useful trick in smaller bathrooms, as is often the case in apartments.
The rest of the apartment should be light, bright, and well lit, and if you can find an apartment with a large terrace or balcony, even better.
This is a competitive market, so check out similar properties in the local area if you need any further design tips.
Alec Neufeld is a retired builder, now freelance writer and part-time general fix it man. He has strong opinions on the use of alternate energy and is also an avid sports enthusiast.