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Buying a house or renting – this is one of the most important decisions everyone has to make. In the last days New Zealand Institute of Economic Research economist Shamubeel Eaqub has been in the news, saying that renting property is much cheaper than buying, and his opinion is backed by many experts.
If you as an investor would like to use these findings to your advantage, it pays to invest in rental property in Christchurch. In order to make this venture successful, Bayleys Property Management have prepared some tips for you. In Part 1 we covered What to Buy and Where to Buy, now it’s time for some fine-tuning.
How to Present Rental Property
First up, most people prefer unfurnished rental homes. Apart from that, a tidy appearance is of course very important. This applies to the property itself but also to the garden or drive. A little bit of effort makes all the difference when it comes to the outside. Inside, neutral and light colours are best since you’re presenting your rental property as a blank canvas – this way potential tenants can easily imagine themselves living there. Also bear in mind that the quality of your interior decoration may substantially affect the level of rent. This means a nice paint finish, well-equipped kitchen, modern bathroom fittings, quality curtains/flooring and ample lighting go a long way.
It also pays to do some research on the neighbourhood. Which school zone is your rental property in? Which amenities are nearby? Do your homework so you can sell your rental come viewing day!
When it comes to rental prices, it pays to consult a Christchurch Property Manager. At Bayleys Property Management we have in-depth knowledge of the market and we can help you get the best returns for your investment.
How to Maintain Rental Property
It’s important to do regular inspections so you can solve any arising issues straight away. Also bear in mind that maintaining a property does not only apply to its appearance. It’s just as important to maintain the legal side of things. This means making sure you use appropriate tenancy agreements and cover yourself with insurance. Again, it’s highly recommendable to employ a Property Manager. Bayleys’ hassle-free service means we look after everything for you while you can focus on other things such as expanding your rental portfolio!