Tailoring Your Rental Property for Family Occupancy

As a property owner, reaching out to the family rental sector can be a transformative move. Families typically desire a sense of stability, leading to extended lease periods, making them an appealing group. However, appealing to families necessitates a specific strategy to ensure your property meets their needs. Here’s how you can adapt your property for family living.

Safety should always be your top priority. Families with young children will place a safe environment at the top of their list. Make sure all safety regulations are adhered to, including secure windows, gates, and fences. Smoke detectors should be fitted and operational. If your property features stairs or balconies, child-proofing measures are essential to prevent accidents.

Next, consider space and storage. Families usually have more possessions than single tenants or couples. Providing ample storage solutions can enhance the appeal of your property. This could include built-in wardrobes, generous kitchen cupboard space, and potentially a shed or garage for outdoor items.

If you’re providing a furnished property, opt for sturdy and easy-to-clean furniture. Families with young children will value furniture that can endure a bit of rough and tumble. Choose materials like leather or washable fabrics that can be easily looked after.

Outdoor space is a significant attraction for families. A secure garden where children can play safely is a major advantage. If space permits, think about creating a dedicated play area or a straightforward garden that requires minimal maintenance but is functional and safe for children.

Families often seek properties that are close to essential amenities. Highlight nearby schools, parks, healthcare facilities, and shops in your advertising. Easy access to public transport and main roads is also a draw for families who need to commute or ferry children to various activities.

Properties with multiple and flexible living spaces are ideal for families. Spaces that can serve multiple purposes, such as a spare room that can be an office or a playroom, add appeal to family tenants.

By making these modifications, landlords can make their properties highly appealing to family tenants, potentially increasing the likelihood of longer tenancies and reduced vacancy rates. Adapting your property to meet the needs of families not only opens up a wider market but can also lead to a more stable rental income.

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Finding a mortgage

Buying a house is a massive investment and getting it just slightly wrong can be costly. Unless you have big savings, chances are you’re going to have to get a mortgage. It’s a loan secured against the property which means if you can’t meet the repayments the lender may repossess your home and sell it to get their money back.

The better you understand mortgages and everything to do with them, the better armed you will be to get the very best deal. With MMR in place, you’ll need to review your finances themselves before approaching possible lenders to see whether you can afford the monthly payments now and if interest rates go up, which they will…

What is MMR?

When it comes to finding a mortgage you have several options: mortgage brokers, individual banks or searching online. Again, it’s important to do your research. Searching online first, gives you a good idea of what’s available, but an independent mortgage broker can provide a more in-depth search and help you through the process. Being independent holds great value as they are not bias to any particular lenders or deals, they will give you their honest opinion and take away the stress of working your way through the mortgage market, they work for you to find you the best package to suit your requirements.

For more information on the current mortgage rules and deals, contact your local branch today to arrange an appointment.

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