Collaborative post When you invest in a buy-to-let, your number one priority is being able to find the right tenants to fall in love w...
Collaborative post
When you invest in a buy-to-let, your number one priority is being able to find the right tenants to fall in love with it and treat it as if it were their own. Part of this challenge is either finding a property perfect for the target tenants you have in mind, or making a property attractive for these target tenants.
Although people from all walks of life are renting property these days and long-term renting has become the norm, a huge part of the rental market is young couples who have perhaps just moved out and are starting their journey to independence. So, how do you make your property irresistible to these potential tenants?
Location
Location is the first important factor to consider. If you’re actively seeking out a buy-to-let to target young couples, location should be at the forefront of your search. Generally speaking, young couples are less likely to be looking for a home in a quiet village and won’t need more than two bedrooms.
You can assume that most will want to be near transport connections, amenities and close-by to towns and cities where they might work and socialise. Houses in built-up areas or on estates with plenty of neighbours work well for young couples, along with flats.
Furnishings
As a landlord, you often need to decide whether you are going to offer your buy-to-let furnished or unfurnished. Young couples may not have had the time to build up a collection of furniture just yet, and it may prove to be a little too expensive to do so. Offering things like sofas, beds and storage is a great way to attract these tenants as it makes their life a little easier.
Don’t be tempted to furnish the property with your own cast-offs though, or anything damaged and old. If you don’t want them, then chances are your tenants don’t either. IKEA is a great place for basic, modern and affordable furniture. Strike the balance between providing attractive items, but nothing too expensive. There’s no guarantee that they will treat furnishings in the same way you would. You should always compare landlord insurance policies to ensure that you have all the right cover should you encounter any damage. And remember, any furniture that you do supply must meet appropriate safety standards.
Social space
Chances are that a young couple are going to want their friends over to share their new home with; be that for dinner parties or evenings in the garden. Creating a social space that your tenants can see themselves hosting in will be hugely attractive. The more open-plan the living space can be, the better. Think kitchen diners, spacious living rooms and functional gardens.
In fact, the garden is one place where you can really attract young couples and add some value. Try to incorporate a paved area for garden furniture and a BBQ and keep grass and plants fairly low maintenance. If you have a little more budget to fall back on, you could even install a decking area for a hot tub or transform a shed into an outdoor bar.
Most young couples will want a modest home that’s easy to maintain, in a convenient location that they can enjoy with their friends. Perhaps something basic and modern in terms of interior that they can work with to find their own style. If you can offer a home like this, you might not always end up with long-term tenancies but you certainly won’t be short of tenants.
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