Running on Oversupply: How Can You Make Your Investment Property Stand Out from the Pack?

Currently, WA’s housing market is the most oversupplied in the country. According to a new report on the future of the building market, it’s only going to get worse. BIS Oxford Economics found there are already 25,000 unnecessary homes in the state.

When an investment property lies vacant for even a short time, your earnings can take a big hit. So how can you attract someone to your property amongst the competition?

Here are some tips to make your property stand out from the pack.

• Tap into what tenants want

Property managers and agents know that many tenants judge properties based on property size, the state of the kitchen, air conditioning and storage options. It is possible to fix up or add in rooms by renovating to add that something extra, but you’ll need to be aware of overcapitalising.

• Kerb appeal

First impressions are everything. When potential clients arrive for an inspection, while they are thinking about the inside of the house, they’ll also be taking note of a clean front entrance, a mowed lawn, a weeded garden and a lack of rubbish floating around. Before you put the property up for rent, remember to fix or replace broken windows, door handles or light fittings.

There is a real estate truism about kitchens and bathrooms selling properties. While you may not want to renovate, you can bring these areas new life by adding a fresh coat of painting, scrubbing surfaces and replacing smaller features.

• Maximise floor plan

The number of bedrooms in a rental is significant. If a property has the potential, consider minor renovations to convert a sizeable existing room into an additional bedroom – this will open you up to a bigger market and a higher rental rate. In small apartments, an extra bathroom or ensuite is becoming an expected feature.

It might also be a good idea and maximise the outdoor space – Australian summers are best spent outside, so by adding pavement or covered area, you can conjure valuable outdoor space.

• Good publicity

Getting good publicity means getting yourself a good property manager who can maximise your chance of attracting tenants. They can tap into their networks to get your property the reach it needs.

At Select, we offer no-obligation, quality and free home loan advice to help you reach your financial goals. Give us a call on (08) 9417 3399 to talk to us about home loan options that suit your circumstances.