Source: Developing A Build-To-Rent Property Ideal For First Time Buyers – PropertyWire
Build-to-rent properties can be valuable investments. Properties appreciate in value and can be an ideal source of income over the long and short term if you rent them out. Investors are noticing this trend and are beginning to take advantage by broadening their sights.
Before buying, many first-time buyers will likely want to rent a property to help them develop an understanding of what they want with their house. It could be knowing if they want to have a driveway, a garden, or the number of bedrooms, amongst many other factors.
For investors looking to develop a build-to-rent property, here are a few qualities to keep in mind to help attract first-time buyers.
The Right Location
When deciding to develop a build-to-rent, ensure that you have considered the property’s location. The right site could help generate interest in the property when it’s put up for sale. As such, it could increase the chances of getting tenants in quickly and avoid spending too long on the market. During the development stages, you should try to explore plots in desirable areas. Think about the amenities close by, such as shops, transportation and schools – especially if you are planning to rent out the property to a family. Look for sites in areas with low crime rates and a lower risk of getting flooded.
Number Of Bedrooms
High on the list of desires for first-time buyers is the number of bedrooms. Two bedrooms are viewed as the minimum when moving into a property. With two bedrooms, they can use one room as their bedroom and the other as a spare room for guests and an at-home office. When moving into a rented property, two bedrooms are still the preferred choice, as it is the ideal space for soon-to-be first time buyers wanting their own space. In the initial planning stages, ensure that the first drafts of designs include at least two bedrooms. Both rooms should ideally have similar sizing, with the master just a touch more spacious.
Strong Wi-Fi Connections
A common trend amongst many young professionals is working from home. It has become a desirable factor that can influence a person’s decision on whether or not they choose to accept a role in a company. Since there has been an incline in the number of people working from home, many want to live in a property with enough space to create a home office. When it comes to working remotely, having a strong Wi-Fi connection is also crucial. As such, you should compare broadband providers and check connectivity in the area before you consider a location for your build. “In the world that we live in today, it is a reasonable expectation that there will be a decent internet connection available for businesses or homes.” say experts Glide. A strong Wi-Fi connection might not sound like a deciding factor, but it could make a noticeable difference to a person’s ability to work, so it’s worth exploring.
Considering Additional Amenities
Along with location, bedrooms and Wi-Fi, consider additional amenities that will help to attract potential buyers. For instance, have you considered parking spaces? Some potential tenants might not drive, so parking spaces might not feature high on their list of priorities. However, not including parking spaces could impact how much interest your property generates once it hits the market. Parking spaces might be a top priority for residents who drive. Additionally, having a garden is another factor worth considering. Similar to a parking space, not all potential tenants would consider a garden a high priority. Not including a garden could limit how many people are interested in the property.
Room For Storage
Storage is a desirable commodity in a property, especially among first-time buyers. Properties with plenty of storage space are more likely to be taken off the market or attract new tenants as soon as it is available. Recent findings reveal that younger, first-time buyers are more likely to pay more for a property if it has storage. When planning a build, consider creating opportunities for storing items in the property. It could be designing areas where additional storage space could go in the home and being creative with these solutions. If it is a highly desired aspect, it could be used as a selling point to attract tenants.
Build-to-rents can be a great starting platform for first-time buyers. As mentioned, it helps them to learn what factors they do not want to compromise on when buying a property. With a build-to-rent, it gives them the independence of having their own space without the financially responsible of owning a house. To help attract first-time buyers to your build-to-rent building, keep some of the tips mentioned above in mind. It will help in gaining interest in the property, which will help in increasing the chances of moving new tenants who are saving to be new buyers into your house.