Property Landlord advice: Buying a House to rent Part 3.

By Steve Roulstone

Part 3; Will the house be popular with Tenants.

The next area for consideration when buying a house for the rental market, now you have your major suppliers sorted and know the property itself is sound of construction, is to look at the area itself and what facilities are going to attract Tenants to rent your property. The prime example is always the schools but access to public transport can be equally as important.

Style of House.

And in this case I do mean style! If you moved in tomorrow, would it provide everything you wanted? Would your furniture (and therefore anybody else’s) fit with the decoration. Making it easy for a Tenant to move in to a house is half the battle, if they do not have to compromise because their furniture does not ‘go’ with the decoration they are being asked to make a decision. If the decoration is neutral then it is one less decision to be made and that might just be the reason why your property is chosen. This means not only decorating as needed but fitting new carpets as well. Nowadays, the range available means that it is possible to find a quality finish such as the range of Berber which will be very pleasing on the eye and still hard wearing.

Bathroom and kitchen.

Now for the two most important rooms in the house. I always say it because people remember the description when put like this, that Tenants must be able to see themselves cooking in the kitchen and naked in the bathroom. This principal has never changed and with the number of properties available, if you are making a decision now then it is one to bear in mind from the start. A small kitchen does not allow for the vision of playing the chef and similarly a cold bathroom or one with poor decoration does not encourage people to feel comfortable in the house! These are important matters and ones that are not to be forgotten. I would suggest if the property you are considering does not offer these two rooms in good order, then either add the cost of replenishment or look elsewhere. I well remember looking at a house to confirm the Landlord had found a good property only to realise that it had no bath, just a shower. They are therefore ruling any Tenant with a small child out of the market for their home. Why reduce options if you do not need to?

Amenities.

So now let’s consider what is outside the front door and what your Tenant is liable to want. As mentioned, a house in a good school catchment area is always going to be popular. So you will need to find this out, although the price will reflect this as well (as would the achievable rent) but this will be the very reason why this property will cost more – popularity! Next, how do they get about? Is the local transport system close to hand, nobody wants to walk a mile to the bus stop, especially if kids are involved (this will just mean Mum and Dad Taxis Ltd!) On the other hand is it close to a local station, or a place of employment such as a hospital? By looking at the area and scoring the pluses against the minuses you will get a clear picture of how popular a property could be, but be realistic, those of us who like the countryside sometimes find it difficult to see why others do not. This is not about your opinion, but that of others, be sure it is their opinion you are thinking about.

Flexible.

Finally, look at the options for Tenants; this is a lot simpler than it sounds, because it is what the house offers that enables Tenants to use the house in differing ways.  In its simplest of forms, does the house have more than one reception room? Is there a garage or a shed, or a conservatory? All of these are going to allow the property be utilised in a more flexible manner. The more flexibility a Tenant can see in the home, the more reasons they can find to rent it. I well remember one of the reasons a house in Stafford was chosen above another was because there was a small office at the rear of the garage that was accessible from the house. The Tenant saw just how he was going to separate his children from the household when they had homework. Even though it was a smaller property than the other options he had, it was the flexibility that worked for him and the reason why that property won over others.

Knowledge is all.

The important point at this stage is to think about the scenarios around renting, imagine yourself in the house and how you would live in it and remember that the Agent you choose will be a vital source of information on all of these areas. This and all sources of information should be considered at this stage.