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What Things Looking for a Tenant In A Property

What Things Looking for a Tenant In A Property
1 September 2022
17 min
0

Looking for a tenant is a key task for many people when buying or renting an apartment, a warehouse, or an office. Becoming the owner of an apartment or any other premises is a very pleasant and important step, but also a very responsible one. It is important to take into consideration many nuances so that the new home will bring only joy and will not be accompanied by any troubles.

1. Location

A lot of things influence the choice of area, which depends on the specifics of the business: logistics, customer portrait, client flow, and so on. For example, companies with a large number of visitors usually need offices near the subway and preferably with guest parking. Retailers first of all pay attention to competitors in the area of looking for a tenant, and the population there. And on the choice of office space for business can often affect where the CEO lives – executives prefer to have a workplace close to home.

What does it look like and what’s inside, of course, in addition to location, it is necessary that the room itself meets the needs of the business. Thus, companies looking for a tenant of warehouses and production facilities pay great attention to the technical characteristics of the premises: ceiling height, electrical power, flooring, floor loading, etc.

For offices, the internal layout is important. And for major Western companies, it is important to have only Class A premises.
Also, the overall appearance of the building, the state of utilities, the entrance/entrance, the availability and size of parking, and other factors can affect the decision to lease commercial real estate.

2. Safety and Security

Another important factor in choosing tenants look for in a rental property will be security. Apartments in quiet neighborhoods and gated communities are in the highest demand. Also, an important factor would be the presence of additional security features, such as alarms or video surveillance systems.

3. School District

When looking for a tenant for an apartment or any other accommodation, it is extremely significant to understand the surrounding infrastructure. If a couple picks an apartment, it is important for them to know that all the necessary schools for their child will be nearby. It is important to ask all of these questions when meeting with a looking for a tenant for the first time.

4. Parking

Among other characteristics to look for when renting a house that has increased significantly in demand is the availability of parking. This parameter was mentioned as important by 48% more often. This is probably due to the fact that more and more looking for a tenant has moved to suburban and peripheral areas. Other requirements that have increased in popularity include energy efficiency, high-speed Internet, and a place to set up a home office. Those planning to make their real estate investments more profitable should pay attention to these trends and, if necessary, invest in upgrading their homes before renting them out, or in buying new properties that meet these requirements.

5. Move-In Ready Condition

If you’re happy with the location of the space and the cost of rent, renovations can fall by the wayside. For a typical retail store, all you need is lighting and outlets for refrigerators.

The condition of the room only matters if you are engaged in a business that is additionally inspected by the state. For example, you open a bakery with a production, kindergarten, or medical center.

In this case, it is better to look for when renting a property premises equipped for this type of business: so you will save a lot of money. To simplify the choice, you should understand your minimum requirements for the premises: without what you can not work, and what, in case of what is willing to sacrifice.

For example, permeability is very important to you: for the sake of it you are willing to pay more for rent. Or you are looking for a tenant for space that meets sanitary standards, in a particular part of town, so you are willing to rent it with a bad repair and you do not care what kind of neighbors there.
This makes it easier for you to narrow down your choices and save time looking for a tenant for space.

6. Appliances Included

It is extremely important looking for a tenant to pay attention to the availability of appliances. A good apartment should have a minimum number of appliances:

  • gas or electric stove
  • washing machine
  • water heater
  • refrigerator
  • air conditioner.

In addition, pay attention to the quality of the furniture. First of all, it should be comfortable and new. The minimum amount of furniture:

  • sofa
  • table
  • chairs
  • closets
  • kitchen furniture
  • cabinets in the bathroom.

7. Upgrades and Renovations

The most expensive renovations are the pipes, floors, and windows. Plastic windows – are not always good, assess the quality of the plastic and profile. If the window is several years old and already yellowed, then you will soon have to replace it.

Plumbing is simple: you need to see if the risers and radiators have been replaced because of a common disease of secondary housing – water problems. And it often looking for a tenant because of improperly replaced pipes. Especially when the house is more than 25 years old. If you notice that the apartment hasn’t undergone any repairs, and the bathroom is equipped with new panels, it is worth being worried about. There may be mold, fungi, and cockroaches. Ask to carefully remove one panel to see what’s behind it. And the most expensive item is the flooring: if it is wood and squeaky, then get ready to spend a hundred thousand dollars to have it replaced.

I do not advise taking an apartment where everything is covered with suspended ceilings. When looking for a tenant, I am always embarrassed by this. They can hide mold or traces of the fact that the neighbors are constantly sinking. Try to look in the corners under the wallpaper, you will most likely see the cause there.

8. Age of Property

It is best to buy an apartment in a mature building, which has been built for at least 4-5 years. There are often situations when a person has bought an apartment and made repairs, and after a while, the laminate flooring begins to flow or the stretch ceilings begin to move. Accordingly, everything has to be redone. You can go to the neighbors, and ask them if they had any problems, especially on the upper floors: were earthquakes felt, are there no problems with water?

Rental App does not recommend buying an apartment in a house that is more than 50 years old. These buildings often suffer from fungus. Any old house, first of all, should be examined externally: blackness on the corner can be the first sign of mold, which it is very difficult to get rid of. Brick houses and buildings where there is no hot water supply suffer most often. In addition, such premises are then very difficult to resell – we now better buy new construction.

Inspect the floors and check the time of the last overhaul, as well as the management company. Rental App does not recommend buying an apartment in a building where there is a market or a grocery store. Often in such houses, there are cockroaches, and sometimes even mice.

Choosing a panel house, wait until winter – it is often cold there, especially in the corner rooms and on the first floors. You can order a master and insulate the apartment – from the outside of the house to close all the seams with foam or to wallpaper. To date, the service will cost an average of 100-150 thousand rubles. But even if such a procedure is done by the previous owner, I advise postponing the purchase until the cold weather. If additional insulation is located inside, be careful. Mold and dampness can hide under them.

Even in a panel house, you should pay attention to the walls. Visually, under the wallpaper and stretch ceilings, you will not notice their curvature. It is better not to be lazy and come to the inspection with a construction level.

The coldest, in my opinion, in panel houses are apartments located at the ends of the house on the first floors. It happens 90% of the time, but there are exceptions to the rule. In brick buildings, it’s the same warmth everywhere.

9. Open Floor Plan and Storage

The layout of the apartment is a configuration of its interior space: the size of rooms, their location relative to each other, the height of ceilings, the shape of walls, size, and orientation of windows. Choosing the right layout is as important as choosing the right area or size of the property.

There are apartments that are sold only with load-bearing walls, so the buyer can erect partitions between the rooms of their choice. This opens up a lot of possibilities, but an apartment without interior walls is worth buying only if you have a clear understanding of its future layout. There are some bad variants of such apartments, for example when a room with a large area has only two windows.

10. Outdoor Space

Another factor looking for a tenant that has increased in importance recently is the presence of open space that allows you to get some fresh air, such as a balcony. Thus, houses and apartments with a balcony have become more interested in 70% more often than last year. The demand for homes with a garden has also increased significantly – they are looking for them 39% more often. This trend is a special case of residents’ more general desire for more space for the same money. At a time when working from home remains a relevant format, a spacious living space with the ability to spend time outdoors without leaving your property is of particular interest.

11. A Cooperative Landlord

Paying attention helps to the landlord is one of the key points when choosing a space. It is important to understand what kind of person is willing to looking for a tenant for you. The first time you looking for a tenant, pay attention to his appearance and manner of speaking. Often, scammers tenants look for can show themselves as true businessmen and manipulators. Therefore, when signing various papers, study the document in detail and ask for time to study the document. A good landlord will give you that opportunity.

12. Pet friendly

Statistics have shown that another criterion that is unexpectedly significant is the landlord’s willingness to looking for a tenant to customers with pets. They tend to have a hard time finding a place to live, and now, with the high demand to look for in a rental, the situation can be especially difficult for them. As a rule, they looking for a tenant for long periods and are willing to pay more, since it is not easy to find an alternative for them. As a result, the landlord shortens the time the property is rented.

Therefore, even if you are not willing to accept any offers from looking for a tenant with pets, it is worth at least allowing yourself this possibility and consider each such case individually. Most likely the profit from more favorable for you looking for a tenant condition will pay off the possible losses and risks from keeping the pet in the apartment.

13. White goods

Many tenants look for in a rental property owner wonders what the apartment should have in order to attract a responsible tenant and get the maximum profit. First of all, you should pay attention to the availability of necessary appliances for comfortable living. People prefer an apartment with a washing machine, a refrigerator, and other large appliances.

14. High-speed internet

Also, an important factor is a stable Internet connection, especially for the segment of people who work from home in an online format. When choosing a property, ask the looking for a tenant about the availability of the Internet, which provider is operating in the building, and how stable the Internet connection is.

15. Air conditioning and heating

The presence is important of leaks in the radiators and pipes, the condition of the plumbing, the quality and quantity of radiators, whether there are heat regulators, and whether the meters are automated. Check agreement on how the ventilation windows work: if you put a piece of paper to them with the windows closed, it should “stick”.

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