One of the most important ways to maximize rental is to make sure your property is in excellent condition. Not only does this mean that you make more money, but the long term costs of fixing up a poorly maintained property is higher compared to one that has been well maintained. So what can you do? Here are a few suggestions:
A new paint job
These days tenants are not just looking for temporary accommodation but are looking for a place they can call home for at least 2 years. As such property that has been given a new coat of paint automatically looks more welcoming and gives the impression that it is well maintained.
Upgrade kitchens and bathrooms
Take notice of an impressive-looking bathroom the next time you are in a nice hotel and compare that to the bathroom at your own rental property. Is the difference staggering? Then maybe its time to update your out-of-date kitchen and bathroom so that even older properties can compete with newer developments.
Can you add another room?
3 bedroom properties can obviously fetch a higher rental income than a 2 bedroom, so if it is possible to renovate your property and include one more room, it is worth considering. Not only can it raise the rental value, but it can also boost the overall property value in the long run.
Know your tenant
One of the first things landlords need to understand is the type of tenants who would be attracted to their type of property and location. If it is in the vicinity of a college or university, properties may be suitable for students. Therefore it would be smart to market such properties as being close to public transport as that is the primary mode of transport for students.
Offer ‘added extras’
Many people assume that tenants are renting because they are on a budget, however, in some areas, renting can actually be cheaper than buying.
If as a landlord you have access to a premium tenant market, it may be possible to secure more rent by providing a higher than furnishings with state of the art appliances, décor and security systems. Do check if this investment will deliver enough additional rent to cover the higher costs and that premium tenants will rent your property type in the area it’s located.
These are just some suggestions for how to maximize rental revenue, do you have any suggestions? Let us know in the comments below!