With people continuously looking for a place to live, investing in a property and turning it into a rental is always a smart business move.
But there is more to simply purchasing an apartment that you can afford, obtaining the necessary permits and licences, advertising, and waiting for tenants to view the property and sign the tenancy agreements.
If you want to get a rental property that attracts the best tenants and gives you good returns, you have to choose the right apartment or flat to buy first.
Investing in the Best Property to Turn Into a Rental
If you have plans of buying one of the top-notch luxury apartments for sale in Dubai to turn into a rental, ensure you invest in the right one by looking for these features that tenants value:
Location is one of the top factors people prioritise when they are looking for a place to rent. The main reason behind this is that tenants want to save as much money as they can when they need to go to the grocery store, restaurant, park, and even to their place of work.
When tenants are near these areas, they won’t have to drive or commute, which means they can do away with buying petrol or paying for taxi or bus rides.
Moreover, tenants will experience a higher level of convenience when they are within walking distance to such areas.
Due to these reasons, you will do well to buy an apartment that is located in an area that allows tenants quick access to these key places.
When tenants are close to the place of their employment, supermarkets, malls, restaurants, and other spots they frequent, they will be more willing to pay the rent you set for your apartment. They will likely stay for a long time on your property, too.
Most tenants want to move into a new apartment as quickly as possible. Because of this, flats that allow them to do so are always on top of their list of options.
With this in mind, a newly built apartment is the ideal property to turn into a rental. Since it is new, you can let people view it and accept tenants as soon as you have all the papers in order.
You won’t have to wait for the painters to paint the ceiling or the plumbers to do the necessary repairs on the plumbing system.
Even if you waited a bit to allow viewers to see your newly built apartment, if it is neat and tidy, you assure would-be tenants that you have high standards of cleanliness and maintenance. And they will try their best to meet and follow your terms.
Plenty of Storage Space
Storage space always scores high with tenants. When they have plenty of places where they can keep their belongings, you will help them minimise the items they have to throw away, sell, or donate.
Additionally, you save your would-be tenants money and the trouble of hiring a storage unit where they can keep their belongings temporarily or permanently.
If you are still looking for an apartment to buy, try to find one with several closets or cabinets. Make sure you or your real estate agent highlight these features when advertising the flat.
Ready to Use Appliances
People looking for a place to rent also want to save some money whenever and wherever they can. This is because they have to pay a huge amount upfront for the advance rent and security deposits.
For tenants who do not own any appliances yet, they will be drawn to apartments that have them, even if the appliances are only the basic ones.
When you place a working refrigerator, cooking range, washing machine, and microwave oven in the flat, you will make it even more attractive for anyone who views it. You can even draw in potential tenants who already have them since you give them the option to sell their current appliances and use the ones you provided.
If the apartment you want to buy does not have any appliances yet, consider doing it yourself. You don’t have to spend a lot on outfitting it. If you have ones that you are not using and still look good and work well, you can put them in the rental.
However, if you want to buy new ones, don’t hesitate to do so. Most high-quality tenants do not mind paying a little more rent for a property that includes all the essential appliances.
Available Parking Space
For potential tenants who own vehicles, living in an apartment that has a designated parking space is a huge perk they will surely appreciate.
Looking for a place to park is a problem vehicle owners do not want to face daily. If you can provide a permanent parking space, you will help them avoid dealing with this issue and getting a headache every time they come home.
You will make it easier and faster for your tenants to get to their flat as well.
As such, when looking for an apartment for sale in Business Bay to buy, find out if it comes with a designated parking space within the building. If it does not come with one automatically, ask about the process of getting one.
Access to High-End Amenities
A parking space is not the only amenity potential tenants are interested in. There are several others that can attract the best ones to your rental property.
Amenities such as swimming pools, fitness and wellness centres, and spa or sauna areas never fail to impress anyone looking for a new place to live in. With more and more people wanting to get close to nature, you won’t go wrong with buying a flat in an apartment complex that has landscaped gardens and outdoor spaces.
Interested tenants will also find a 24-hour reception and concierge desk and open-air cinema valuable perks of living in your rental.
A play area and a children’s swimming pool are also excellent amenities that impress and draw in families.
Investing in a property to turn into a rental requires a bit more research and study. Fortunately, you can seek the help of property experts and take advantage of tools such as a mortgage loan calculator to help you make wiser choices. You can be sure you are buying a profitable one by checking off these features as you narrow down your options.
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