Five ways to increase the return on your rental

Five ways to increase the return on your rental

Property prices have been increasing exponentially, especially in the rejuvenated parts of CBDs around the country. This is good news for property owners who rent their apartments and houses out to tenants.

Five ways to increase the return on your rental property

But if you’re one of these individuals who are burdened with an investment that isn’t returning nearly as much as you think it should be, here are some simple tips to boost that asking price.

New paint, new prices: Painting your premises will not only add worth, but guarantees that potential lessees will be more open to paying extra. Grubby walls with faded colours - excuse the pun - paints a poor picture of the future.

Offer fully furnished: Properties for sale can fetch more when they’re furnished. Though this might seem like an expensive proposition for you, you can rent-to-own the items in your property with loads of benefits. Various companies offer rental plans on a month-to-month basis, with repairs and risk cover, delivery and installation, as well as a TV license included in the monthly fee e.g Teljoy.

Bear in mind also that much more than a TV can be rented these days – everything from kitchen appliances to gaming consoles are available on the market. The real major plus is that you’re welcome to return the item if you or the tenant does not need it anymore.

Fixtures are important: Replacing fixtures, such as door handles and tap fittings, can add major value to your property. They can also liven up an old cupboard or sink. You can either go straight to the store and purchase new items, or purchase them second-hand and apply some elbow grease, whichever method you choose is entirely up to you and your budget.

Create extra storage space: Tenants, and generally humans as a species, love extra space to store their items away. If you can build an extra cupboard, mount a box to a wall, install extra shelves, do it. This might cost a little extra, but the returns will be worth it.

Your property is only as good as your garden: We forget that our outside spaces, such as a garden or patio, are super important when it comes to the value of our property. Allowing your tenants the option to entertain outside is guaranteed to increase the value of the premises. Hire a gardening service, or landscaper, to maintain and create an environment that is exciting and relaxing to be in.

Article from bizcommunity