Whether this will be the first additional property you ever purchase, or it is the latest being added to your portfolio, you need to make sure it is brought up to a certain standard. Those who rent luxury property on both short- and long-term basis have certain expectations. You need to make sure that you are always committed to meeting these expectations when putting your property on the market. Here are some of the considerations you need to make.
When initially choosing a property to buy, you need to think about the area where it is located. There are so many small things that can dictate whether people want to rent a property. You should have an idea about who you would initially like to rent to.
If you are going to be renting on a short-term basis, perhaps to tourists or film crews, you need to make sure that the property is well-located. Though it should still have a degree of privacy, you will ultimately be able to reach many of the local attractions or transport links with little to no problems.
On the other hand, a long-term let has different priorities. Families might want outdoor space and plenty of storage in a quiet neighbourhood with good schools nearby. Professionals will often want to stay in a trendy location with things they can do on their downtime and the links they need to get around town. You need to decide who you want to appeal to the most, and buy a property that best appeals to them.
Even if you are not offering a furnished property, you still need to make sure that everything is fitted to the highest of standards. Most people rent a property expecting to be able to just move in and immediately start living there. Though you might think that a property appears to be fine, you need to make sure that everything is taken to the next level when you appeal to the luxury market.
The fixtures and fittings might not have been updated for ten years. However, as the owner, you need to make sure that these fixtures are still in good working order and look as good as the day you installed them. The other option is to commit to refits and changes every time you have a change in occupancy. Going through your rental property like this each time might seem a little excessive, but it can also help you maintain the level of excellence your renters expect.
In particular, you want to make sure that you are staying on top of trends as much as possible. If your long-term renters have just moved out and the kitchen and bathrooms were in fashion 10 years ago, you might have trouble attracting the calibre of renter that you might want next. As a result, it might be better for you to look into completely refitting the kitchen and bringing everything up to the expected standard once more.
If you are renting properties out, you need to make sure that you have the right team of people at your side to help you keep on top of the maintenance luxury properties need. First up should always be a decent handyman. Lights can be faulty, toilets can get blocked, things can break. It is inevitable no matter whether a house costs $100 to rent for the night or $10,000. With the right handyman on your team, they should be able to nip over and sort out any issue you might in the blink of an eye. You should also try to set up a relationship with a business such as McCombs Supply who have been used by many in the industry for over 60 years. They stock thousands of appliance parts so you can be sure that whatever you’re in need of will be available there. This will help with easy replacements and repairs throughout your business, no matter what it might be for.
Next up should be gardeners. Whether a property is big or small, you might be able to fit a lot of interesting plants and flora around it and all of this needs to be taken care of. A gardener will be key in maintaining the property and making sure that everything is up to scratch. Your renters might have little to no knowledge of how to correctly care for plants. If you want your house to look as beautiful and green as ever, they are going to be key members of staff you will need to employ.
Finally, you should consider some sort of housekeeping service. This can be good for luxury rentals whether they are on a short-term or a long-term basis. You can agree with your renters about the exact level of housekeeping service that they expect. For example, someone might just want someone to pop by to clean the bathrooms and vacuum once a week. Someone else might want a more complete housekeeping service that offers full changes and even the potential for cooking and providing food. Offering this service as part of the rental agreement can really help take your luxury property to the next level.
With a truly luxurious property, you can often expect people to want a real sense of privacy. Though most of this can be achieved with the right location, you need to make sure that you are also adding in some extra features that will always be appreciated. For example, those who will be renting luxury homes will often have assets that they want to protect. From jewellery to cars, they will want to know that their belongings are safe in your property.
There are several things that you can choose here to ensure that they have peace of mind. First of all, consider installing a safe in the master bedroom that they can use if they choose. This will automatically give them a safe place to keep expensive items. Next, make sure there is a good alarm system in place. This should ideally be linked to a private security firm who can come to investigate if there is going to be an issue.
You also need to make sure that you have adequate security in and around the house, such as CCTV. Invest in some high-quality cameras and then make sure you explain the security hub and other important details to your renters when they first move in. Finally, consider adding an automatic gate. This is the perfect thing to close off the outside world and make your renters feel nice and secure in their own space.
Make the Preparations You Need Now
Appealing to the luxury market will always be more difficult than opening up a property for the general public. As soon as you decide to appeal to the wealthier end of society, it is always going to bring with it many more expectations and decisions. You need to make sure that you are meeting them head-on, no matter what they might be.
You can stand to make a lot of money as a successful landlord in this market, but you also need to make sure that you are putting plenty back in to make it a property people want to rent. If you are able to hit this balance correctly, you should have no issue attracting the right clientele who will always be happy to rent from you.