Making your investment hot property for summer tenants
Real Estate Know-how
15 November 2016
If you’re an owner looking to rent out your investment property, summer can be a very lucrative time for you.
Summer is one of the most active times of the year – for swimming, for beaches, and for the real estate market. If you’re an owner looking to rent out your investment property, summertime can be a very lucrative period for you – and you should do everything you can to prepare your property to meet the demand. And if you’ve already got tenants, now is the time to secure their continued presence in your property.
How can you do this? It’s simpler than you’d think.
Make sure the air con is working
A lack of air conditioning in the wake of the summer heat is enough to turn renters off any property. But even if you already have tenants in your property, you should make sure the air conditioning is functioning normally anyway.
Filters can collect dust when inactive over the cooler months, and this poses a fire hazard. But it’s not just a safety concern when the air conditioning isn’t working – think of the comfort of your tenants. Suffering through the steamy summer could make for a truly unpleasant renting experience, which could seriously sour the relationship.
Start by changing the filter, which is typically located in the blower unit – where the unit meets the return duct. Although it’s cheap and easy to replace, a clogged filter can lead to expensive damage.
After making sure the air conditioning unit is in good working condition, you’ll want to head inside and check out a couple of additional items. First off, check to see that all air vents are open and free of obstructions – such as rugs, furniture, and frames. If your vents are covered up, that air conditioning could have a difficult time performing its important task.
Check for air leakage
If your vents are uncovered, the next step is making sure your property doesn’t have air leakage issues. Structurally, you’ll want to look around windows and doors for any signs of gaps or leaks that could potentially let the hot air in, and the cool air out. This is particularly important because your tenants are paying to create a cooler climate inside – and if that air escapes, their money is escaping with it. Depending on the size of the gap or leak, you might be able to fix it with caulk or weather stripping.
Create a garden area
Green is the new black! Try adding a low maintenance garden area to boost the appeal of your property. Drought tolerant native plants and grasses look great, and they are cost-effective in terms of upkeep. You should also program your sprinklers to the best summer use settings – this will keep your landscape looking fresh.
Invite sunshine inside
You can brighten up your interiors by looking after your windows. Thoroughly wash them, inside and out, and your property will look brighter and more inviting. Replace those thick blinds with some lighter coloured and textured materials to keep the sun shining through – without gaining solar heat, causing furniture to fade or letting glare enter the space.
Repair the winter wear
Whoever said that it’s only what’s on the inside that counts clearly never tried to rent out a property with a tattered exterior. Winter can take a toll on your property, so it’s worth taking a walk around and examining any issues around doors and windows, and inspecting the roof for broken or missing shingles or tiles.
Depending on your location, the winter months could see a build-up of unsightly damp spots or mould, so you need to make sure this is taken care of before you rent your property out.
Remove dust from fans
Most people don’t use ceiling fans much during the winter, and that allows dust to build up on top of the blades. Prevent your tenants from experiencing an unpleasant downpour of dust when they first turn on the fans to cope with the warmth. This isn’t a complicated process - a simple dusting of the fans can prevent this from happening.
Prevent unwanted guests
Summer is a great time for entertaining, but your tenants don't want to share their home with all those bugs that tend to appear around this time of year. Installing simple fly screens will make your investment property more comfortable for existing tenants, and more appealing to future ones. It's relatively inexpensive for you. and could guarantee them a much more pleasant renting experience.
Get your property barbecue-ready
Summer is the barbecue season, it’s simply the Australian way. The warm weather means your residents want to get outside and enjoy the outdoor features of the property. Make your property more appealing to tenants in the warmer months by creating an outdoor space that’s suitable for entertaining. Barbecues can be simpler to build than you’d imagine – check out some useful DIY sites for tips. Consider installing shade cloth or a veranda over outdoor areas to keep the sun out of the way as well.
Most properties that have pools also include monthly pool maintenance in the rent. It’s also important to arrange for the pool contractor to do a handover with the new tenant to ensure that they understand how to add chemicals and keep the pool in good working order.
The monthly maintenance is good chance to detect any issues with the equipment that a tenant may not notice.
With these considerations looked after, your property is sure to be hot on the market this summer.
If you’d like to learn more about maximising the appeal of your investment property, contact one of our experts today.