In this property market, not everyone is building their forever homes, instead we are seeing a rise in the number of savvy investors that are building homes in sought after areas to capitalise on relatively high rental demands. After many years of investors being reluctant to get into the market, the pandemic has seen an influx of investors re-entering particularly in coastal and regional locations .
While now is a great time for investors to be building new homes and taking advantage of the record high rental demand, there is still a few easy hacks for investors to consider during the build process that can help get an investment property rented fast and keep it that way, for the best returns possible.
- There’s nothing cooler than being cool
In our tropical climate and with temperatures soaring many tenants are seeking properties that can shield them from the heat and allow for a comfortable lifestyle all year round. Many tenants will overlook a property that does not have adequate temperature control as it can often be a difficult negotiation with landlords when it comes to having fans or air conditioners installed. Investors should install fans as a minimum and consider reverse cycle air conditioning to main living areas to ensure the highest rental returns all year round. Ensuring that air conditioners and fans are serviced regularly will also save from costly repairs in the long run.
- Love is a four-legged word
More than 60% of Australian households own a pet and fur-babies are becoming important members of our family. With many families now seeking pet friendly rentals, it makes sense for investors to create a pet friendly environment that will also ensure protect the home from the extra wear and tear that can come from having animals in and around the home. Investors should consider flooring options carefully, avoiding carpet or more expensive options given it may need maintenance over time while Wash&Wear paints from Dulux are a great choice for protecting surfaces from not only fur babies but the entire family.
- Kitchens are everything
You will have heard the saying, kitchens and bathrooms sell houses – well the same theory applies to rental properties and on the back of the pandemic this message has certainly proven true. Tenants, like anyone are spending more and more time at home, entertaining, cooking, baking and more. Therefore, creating a functional and well-appointed kitchen allowing the creature comforts of great storage, ample bench space and handy appliances such as dishwasher and oven are the key to maximising returns.
- We all just want to feel safe and secure
Feeling safe and secure is vital to families when choosing a rental property and nothing supports that feeling more than security and fly screens. Not only do you keep the pesky bugs out of the home while the cool breezes can flow in, you also ensure that your tenants valuables are protected and they feel comfortable in their space.
When building an investment property it is easy to build a home that will be highly sought after and functional for both the tenants and the landlords which will ultimately maximise returns. The Adenbrook Homes team can help guide you through the design process to ensure that your decisions will meet market demands and protect you from unnecessary costs in build or maintenance in the longer term.