Purchasing a rental property is a good investment, but how about making it an even better one by adding more value to your property? You may need to shell out some money, but it will definitely increase your rental yield. Tenants are always on the lookout for a great home to move into and they will be willing to pay more for some little extras that will make their day to day lives more comfortable.
However, while most rental property owners understand the benefit of adding value to their property, they aren’t too sure of how or where to start. So here are some of the suggestions we give our clients at Defence Pest & Building Inspection Services.
Furnish the Place
If fully furnishing a property is too expensive, you can still go for part-furnishing your property. This can include adding some tables, chairs, living room furniture and certain appliances, such as a washing machine and a dishwasher. Additional cabinets and other storage spaces are also attractive to tenants.
Making a property a comfortable place to live in is not only limited to its indoor design. Especially when you own a rental property with a garden and outdoor space, its landscape alone may already entice tenants. Adding outdoor furniture and beautifying the exterior does not only make your property look presentable and attractive, it can also look and feel more relaxing to tenants.
Replace the Roof or Flooring
If the property you own has been standing for many years, it might be time for repairs. Replacing damaged roofs and flooring can give you an edge when putting up your property for rent. No one likes living in a place with leaking roofs and chipped floor tiles, so investing in these changes will not only add value the property but also attract long-term tenancies.
Renovating can be costly, but then again, it can also increase your rental income by several folds. You can add an extra bedroom or bathroom, or redesign the kitchen and you’ll find that more renters will be interested in the bigger space you offer.
When renovating, try to keep the design and styles neutral to make it more inviting to a variety of prospective tenants. You may not also need to completely renovate the entire room, but replacement of tiles and countertops, and repairing of door knobs, windows and pipes may be necessary.
Ensure that Your Property is Pest-free
There is nothing less attractive to tenants than being presented with a rental property that comes with pests. Even before putting up an advert for your rental property, have your home inspected by Defence Pest & Building Inspection Services for traces of pest infestations, and have the pests eliminated immediately, if necessary.
A complete building and pest inspection will not only increase your credibility as a landlord, but it could also help you identify areas that you need to renovate or repair before renting out your property.