Wellington – if you are an investor, you cannot exclude us from your list. Wellington and Auckland have the highest GDP in New Zealand – over half the employment in wellington is based in high to medium skilled work.Wellington is a breeding ground for creativity; Weta Digital is bringing in hundreds of new overseas staff to work on the latest edition to the Avatar franchise, the government is expanding its workforce; multiple tech start-ups are basing themselves in this cool little capital, it is easy to see why tenant demand is so high. All these types of tenants are looking for high-quality, homely rentals.
So how do you attract high-end tenants?
This is a question that we’re often asked, so we’ve put together a simple guide with five top tips so that you can create a high-demand rental property that will entice tenants, and can be easily maintained throughout any tenancy. Coming into spring is the perfect time to start looking at your rental property, so pull out the hammer and paintbrush and check out this handy guide below!
Modern Kitchen
The kitchen is the heart of the home and, as such, many tenants spend a lot of time in there. You do not need to spend an arm and a leg to have a good kitchen. Flat pack kitchens from the likes of Bunnings will easily suffice and along with a high-quality benchtop made out of granite or stainless steel, will stand the test of time and many different tenancies. Benchtops that cannot easily be damaged are always on the top of the list for a long-wearing kitchen. Check out this bathroom renovation guide for some helpful tips.
Fencing
Sprucing up your outdoor living area can revolutionise the look of your rental property. Tenants with pets or young families will welcome a fence that is in good condition as it allows them to better enjoy the property knowing that all members of the family can be safe and well looked after. Damaged fences can turn tenants off as the property looks run down, or poorly taken care of. Along with good fencing, if possible, some outdoor furniture if possible will attract tenants. We all love a place we can relax with a wine in the sun. You don’t have to offer the full table and twelve chairs, but a smaller table and a few chairs, some outdoor bean bags or even a bench would offer plenty of opportunities for a tenant to enjoy some sun and fresh air.
Neutral Colours throughout ?
When it comes to colours in your property, keep it classic. Classic, neutral colours can make the rooms feel lighter, brighter and much more spacious. Neutral colours promote a keen interest in properties, as bright or dark colours can be polarising. By keeping your colour scheme neutral, you are sure to attract high-quality tenants and allow the tenant to add their own theme with their furniture and home décor.
Include high-quality whiteware
Whether it is poorly installed or faulty, whiteware can be a serious pain point. Purchasing new whiteware during your property renovation can save you these problems. Tenants are always looking for high-quality new appliances but you do not need to spend thousands to get what you need. An extended warranty on brand new whiteware means no concerns for the first few years – an investment well worth it in the long run.
Heating and Insulation
With new insulation and heating standards coming out, it is best to ensure that your property already complies with them. We, as property managers, have a very hard time renting out uninsulated properties with no form of heating. Wellington, as part of ‘Zone 2’ has requirements to insulate to ‘R’ value 2.9 in the ceiling and 1.3 underfloors. Get your properties insulated now, before the July 2019 deadline and the rush. While you are at it, install a heat pump in the lounge. Heating and insulation are the two most common things brought up by tenants during viewings and if you can impress them with your insulation stats, you are bound to be a winner.
A better protected rental property, able to achieve earning higher rents, longer tenures due to happier tenants, complying with the new legislation is really just the beginning. Property managers and investors must now, more than ever be on top of their game and ahead of the curve, tenant demand, and upcoming regulations in order to survive.
Article in collaboration with Tommy’s Property Management.
Choosing the right property manager is imperative, any questions on how to best improve your property on how new & changing regulations could affect your portfolio, please feel free to email us or give us an obligation free call anytime on 04 979 6363.