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There would always be a difference in approaches, preferences, sensibilities and priorities of tenants while inspecting a property. An investment property may be desirable for every prospective tenant or it could fail to entice even one. It is rare for an investment property to remain perpetually uninteresting unless there is something seriously wrong or off-putting. Usually, an investment property needs to tick just a few checkboxes to be deemed desirable by tenants.
Every tenant zeroes in on a particular area. It could be several neighbourhoods in a given area but the geographic location or zone is very important. Tenants who are flexible with locations will only opt out of a preferred address if there is some serious advantage. Say a property five miles further away from the city saves a substantial sum of money on rent or an apartment is twice the size of the one that is three miles closer to downtown. Unless there is a really convincing and rational reason, tenants will always give location the foremost priority.
No matter what some tenants and brokers may say or what some owners of investment properties may want to believe, a property that suits the budget of a tenant will always be preferred more, even if it has some ignorable flaws. Tenants want to be confident that they will be able to pay the rents comfortably. That self assurance and convenience are very hard to discard.
It may not matter if it is a very well kept investment property and if it has undergone necessary timely upgrades. If a property is old, looks old and feels old, then it is not going to be considered by most tenants.
The curb appeal is the first consideration when tenants visit a property, the paint on the walls, the external facade, the tiles on the kitchen walls, the aesthetics of the rooms, the impeccable cleanliness and space of the bathrooms, if there are any special fixtures in the living room and the overall visual satiation of a property will influence tenants.
The fifth thing that tenants look for in an investment property is signs of damage or actual visible damage. Cracks on walls, damp areas, moisture damage, mould or mildew, algae, waste and all kinds of damages that a property may have and would be visible will be immediate turn offs.
As an investor, when you look for a property to invest in, ensure that you keep the above 5 things at the top of your mind to ensure that you get a property that is sought after.
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