Tenancy Options / Longer leases ?

[PIppety]

Hi there,

I have a property that I generally have problems getting good tenants for. Not to say that the tenants are bad but the type of tenants the property attracts is generally groups of singles who don't seem to want to stay for a lengthy period of time.

It is a 5 bedroom / 2 bathroom house.

There are some things that I could do to make the house more attractive to a family but I was just wondering if anyone had any ideas on creative ways to attract tenants that are generally looking for longer term leases.

Any suggestions would be greatly appreciated.

Thanks
PIppety

 

[geoffw]

PIppety,

Is there a way the property could be split into two independent flats?

A five bedroom property will either suit only a very large family, or a group. Two smaller units may have a much bigger appeal.

Obviously, work would need to be done to add necessary amenities. But I have seen some very good returns from houses which have had the necessary work.

 

[PIppety]

Geoff,

Yes, it could be split easily because the bottom of the house was built in and has a new entrance downstairs. The upstairs still has the original steps going up to what was the original front door.

If you put a kitchen upstairs you would end up with 3 bedder up and 2 bedder down.

Although this is definitely something I should consider because I imagine the return would be higher, in the short term I am really looking for options with a minimal cost.

But thanks for the suggestion because it is probabaly the way to go long term when I have the time and funds (and live in the same state as the IP).

Cheers
PIppety

 

[geoffw]

Pippety,

You might not have funds straight off. But possibly you might be able to get a good borrow to achieve that. A better return might add substantially to the valuation of the place.