How (and Why) to Build Storage into Your Investment Property
A Landlord’s Guide to Happy Tenants.
As a landlord, you want to offer a home that not only looks good but also functions well for tenants.
That’s because happy tenants are essential for the long term success and sustainability of your investment.
Satisfied tenants not only stay on longer, but are more likely to take care of your property, abide by lease agreements and pay the rent on time - ultimately saving you oodles of time, money and stress.
Not only that, but building a positive relationship with your tenants - by offering them what they need - is worth its weight in gold, making it easier to deal with any problems that may arise over time.
So what’s one thing that often goes a long way to ensuring you attract (and keep) content tenants?
Providing a home that offers plenty of storage.
Just like homeowners, renters often have plenty of ‘stuff’. And like everyone, they appreciate having ample space to store it.
If fact, as experienced Property Managers, the most common tenant queries we get are storage-related - how much storage a home has, and what type is it - secure, undercover, inside or out.
The more storage you have in your property, the more sought-after - and valuable - it becomes.
But the good news? Even if your investment property doesn’t currently offer much, in most cases, it’s not too expensive to install it.
In fact, a relatively small investment can go a long way to maximising storage right through your rental property.
Here are three ways you can up your storage game, ensure your home is tenant-friendly and reap some great returns in the process.
Wardrobes, drawers & cupboards.
It goes without saying that built-in wardrobes, drawers and cupboards are the first thing most people think about when someone mentions ‘home storage’.
By the same token, if a home that lacks them, frustration can rise. Home organisation becomes difficult, and neat and tidy presentation is hard.
So consider building some storage in.
Built-in robes with hangers and drawers are always highly desirable in bedrooms and studies, while overhead and under bench storage is a bonus in bathrooms and laundries.
Pantries and pantry cupboards are great in the kitchen, and foyers or hallways benefit from a linen press or under-stairs storage with extra shelving.
And given all tenants are different, consider making any built-in storage as adjustable as possible, so each new tenant can customise it to meet their needs.
Space-saving shelves.
If you can’t fit a new wardrobe into small rooms, or extra cupboards aren’t a practical option, it’s amazing how far some simple shelving can go towards creating a more functional space.
Shelves provide convenient off-the-ground storage and can double as a nice place for tenants to display their personal belongings, like photographs and mementos.
The zones that benefit most from shelving and added storage are living and lounge rooms, kitchens, home offices and bathrooms.
Often overlooked, outdoor spaces are perfect for installing valuable storage into your investment property.
If the yard has greenery, why not add a garden shed to store tools and equipment. Not only does this make your tenant’s life easier, it also provides an incentive for them to keep the garden looking its best.
And don’t overlook the garage. Not just a place to park the car, consider installing shelves along walls to maximise space and provide a weatherproof place for tenants to store their belongings.
If there’s enough room, you could also add a workbench, or even bike racks to make the most of it.
And if there’s no garage to speak of? Your property will become more appealing if you can at least offer one secure, undercover carport to safely stow a car, boat, caravan or trailer.
While adding storage to your rental property may seem a daunting task, it doesn’t need to be. Even the smallest additions can provide many benefits for both you and your tenant.
A property that is well organised and functional is much more likely to attract great tenants that want to stay long term in your home, take care of it and potentially pay more for it.
Simply being in touch with what tenants need, and investing a little time and effort into creating a welcoming, yet practical, home means you’ll deliver a great experience for your tenants, maximise the value of your investment and generate higher returns - that’s a win/win… win!
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DISCLAIMER: All recommendations made by We Connect Property are general in nature and not to be relied upon as legal or financial advice. To ensure accuracy, we always strongly recommend seeking independent, professional advice tailored to your specific situation before making any investment or financial decisions.