Investment properties are perfect when you want to earn extra income, but attracting the right type of tenants is integral to your peace of mind as a landlord. Retirees are attractive tenants because they usually take care of houses better and tend to pay rents on time. Many retirees are seeking to sell their large homes in favour of downsizing to ease their burden, so if you're looking to attract this demographic to your investment property, pay attention to these tactics.
Plan A Low Maintenance Home
If you've decided to rent out a fully or semi furnished apartment, then you'll want to ensure that every household item and fixture is low maintenance. This is a huge draw for retirees because it will reduce the amount of time they need to spend on cleaning and maintenance. For example, investment properties with faux leather sofas and timber floors may prove to be more attractive than homes with light-fabric sofas and carpeted flooring. This is because the former option requires significantly less maintenance than the latter. Be sure to factor low maintenance fittings into your property for attracting retired tenants.
Invest In Security Measures For Your Home
With age comes more physical vulnerability, so you should know that retirees tend to place a great deal of emphasis on security measures in a home. If you want to attract these people to your investment properties, then you should make sure that your home comes equipped with proper security systems, deadbolt locks and motion sensors. Retirees will be happy to pay higher rent if it means assured security.
Offer Comfortable Amenities
While retirees want to live in low maintenance homes, they don't want to be completely cut off from any work altogether. Offering certain comfortable amenities will help them live their golden years contentedly. For example, a small garden is a great way to keep active without being too strenuous. Since they spend most of their time at home, a small garden will be an added incentive to your property. Similarly, certain items like dishwashers, heating and air conditioning will ease their lifestyle and will make your investment property attractive to this demographic.
Choose A Convenient Location
Retirees probably don't like the idea of travelling too far for anything, so you'll want your investment properties to be near certain facilities for added convenience. For example, homes within walking distance of hospitals, grocery stores, medical centres, community centres, retirement clubs and shopping malls will be more attractive for this demographic. While you may not be able to be within walking distance of every facility, be sure to choose a convenient location that is close to a few of them.
Use these tactics for attracting retirees to your investment properties.