I have an investment property that I purchased about 9 months ago which is currently let to fantastic tenants. I am hoping that they will stay on when the lease expires, however to avoid the same issues I faced when I was first looking for tenants I want to find a solution to the problem. The problem is, the house, which is located in Frankston is in a nice estate with nice homes, and thus many families, therefore it will attract that type of tenant.
Unfortunately, not having children of my own nor caring for them, I over looked the fact that there isn't really anywhere for young children to play. I was too focused on the nice home, in the nice area with the nice view, and it passed my 'would I live in it' test. The house is high up and built to the back of the land, so very small backyard (which an agent - no, not the one selling me it, told me would be a plus for tenants because it's low maintenance). However, there is a bit of a yard out the front, enough for small kids to run a bit and for a set of swings, however it would be a danger due to a high drop onto the brick driveway which is to the side. So, I can appreciate why no one would leave their young child out there supervised (they are too fast and unpredictable, I am now learning that through my niece) let alone unsupervised.
Would appreciate people's thoughts on whether it might be worth fencing the front yard to attract tenants with children? The other thing is, the driveway is reasonably steep, not THAT steep but I can see why it would turn off elderly people which didn't bother me. I'm just concerned that my prospective tenants will be limited the way it is at the moment (although I do allow pets). I got these current tenants in as soon as I dropped it by $10 a week, so should I just accept no yard 'de-values' it by $10 or look at getting a fence which could cost $2-3K (no idea really)?
This is my first investment property and I've learnt so much, from this messageboard and from experience. I now have more of an idea of what to look for for a rental property (not necessarily the same as I would look for in a home). Although I must say I don't regret the buy, as I was incredibly picky with Frankston and had set myself a certain budget. I'm sure it's already increased about 8% in 9 months based on what I'm seeing of late.
Thanks.
Unfortunately, not having children of my own nor caring for them, I over looked the fact that there isn't really anywhere for young children to play. I was too focused on the nice home, in the nice area with the nice view, and it passed my 'would I live in it' test. The house is high up and built to the back of the land, so very small backyard (which an agent - no, not the one selling me it, told me would be a plus for tenants because it's low maintenance). However, there is a bit of a yard out the front, enough for small kids to run a bit and for a set of swings, however it would be a danger due to a high drop onto the brick driveway which is to the side. So, I can appreciate why no one would leave their young child out there supervised (they are too fast and unpredictable, I am now learning that through my niece) let alone unsupervised.
Would appreciate people's thoughts on whether it might be worth fencing the front yard to attract tenants with children? The other thing is, the driveway is reasonably steep, not THAT steep but I can see why it would turn off elderly people which didn't bother me. I'm just concerned that my prospective tenants will be limited the way it is at the moment (although I do allow pets). I got these current tenants in as soon as I dropped it by $10 a week, so should I just accept no yard 'de-values' it by $10 or look at getting a fence which could cost $2-3K (no idea really)?
This is my first investment property and I've learnt so much, from this messageboard and from experience. I now have more of an idea of what to look for for a rental property (not necessarily the same as I would look for in a home). Although I must say I don't regret the buy, as I was incredibly picky with Frankston and had set myself a certain budget. I'm sure it's already increased about 8% in 9 months based on what I'm seeing of late.
Thanks.