If you own a property in Annerley, you’ll know that these suburbs really are becoming very popular, with a thriving property market and strong local community.
So it’s a great time to be a landlord in these areas.
With any property, some things are fixed: location, local amenities, and aspect for instance. As a landlord, these are decisions you’ll make when you invest, and if you get it right they can also pay dividends when it’s time to rent it out. But some small improvements will also add to the perceived value of the property and help put you one-step ahead of the competition and boost your rental income.
We’ve put together some of the most important things renters will be considering when choosing a property.
Location matters as much for renters as it does for owner-occupiers. Well located properties can command a premium rent. Brisbane’s inner-South, including Annerley and sprrounding suburbs, have always been a great location, and now Brisbanites all over have caught on – it’s close to the city and still has a unique character. So you’ve made a great choice if bought in this area or if you’re thinking of buying your investment property in this area. Proximity to the CBD and public transport will help you compete in the broader rental market.
Given there are a lot of larger 3 or 4 bedroom houses on offer in and around Annerley, we see a lot of families moving into the area. With this demographic comes the need for schools and other family friendly services close by. If you’re close to schools that are in demand, or in a particularly sought after school catchment zone, you can use this to your advantage: your property could be in higher demand, meaning you may be able to charge higher rents.
It is definitely worth investing in the general appearance and neatness of your property, both before it goes up for lease and while it’s occupied. Dirt, grime and clutter will dramatically impact upon the perceived value of your property.
Some quick improvements to the house can make a big difference. Removing busy wallpaper and putting on a new coat of fresh paint, installing a new basin, new carpets or light fittings are all inexpensive updates that can make the space feel bright and inviting.[link to renovator’s guide article] Focus on the kitchen and bathroom to get the most value for your time and money.
4. Modern kitchen
There’s a saying that kitchens sell homes, and when it comes to rentals modern kitchens are in demand. But when we say modern kitchen, we’re really talking about one appliance: a dishwasher. This is a deal-breaker for so many tenants, and really something a lot of us have come to expect as standard in our kitchens. Tenants are also often prepared to pay more for a house with a modern stove and oven, so a one off investment in appliances can make a difference for years to come.
5. Air conditioning
This is also becoming a non-negotiable in Brisbane. Summers are increasingly hot and many renters won’t consider a place unless it includes cooling. Although this can be a large upfront cost, you’ll typically see the reward when the rental applications start flooding in.
Pets in rentals have traditionally had a bad reputation. But allowing pets can be a point of difference and increase the pool of potential renters. With the help of your property manager, the potential risk of allowing pets can be minimized through pet CVs, regular inspections and signed agreements between you and your tenants.
In our experience, responsible pet owners are responsible tenants. We can work with you to make sure your property is kept in good order.
7. Long leases
If your plans involve long-term rental income from your property, then offer a long-term lease. The security this provides to renters will be a selling point and one you can draw on when choosing what to charge.
That said, some renters will pay a premium for the flexibility that comes with month-to-month contracts, particularly for furnished properties, but you don’t get the security of a long-term contract.
For your best chance of maximizing your rental income from an investment property, employ a property manager with local experience.