Have you ever wondered how to get the best return on your rental property? A lot of successful properties share a common formula: they are clean, functional, simplistic and above all else, in great condition.
Tenants are not interested in a place that looks like it might fall apart at any moment, so we’ve given you some expert advice on how to turn increase profit on your rental:
- Build and extend
Whether it’s taking out an old bath for a better one, or removing a wall for more space, reworking the property is worth it. Additional bedrooms with an en suite bathroom improves your chances of not only getting a good tenant, but also being able to charge a higher rent.
A good first impression is important, because people are viewing your place while it’s vacant, which means any flaws become evident immediately. Chalky white paint is a great way to cover up uneven or damaged walls and give the place a fresh new look.
When it comes to choosing a floor type, floorboards are one of the best choices, seeing as they are very durable when compared to other options. Tenants don’t want to have to spend hours wiping down a floor, and you risk losing tenants because of shabby flooring. People are more willing to rent from you if you use wood-looking vinyl or give those timber floors a good polish.
Old, outdated kitchen counters are a big turn off, so update your kitchen with some easy, inexpensive materials such as vinyl adhesive rolls. A fresh, modern look will add great value to the property.
- Fixture overhaul
Shiny silver fixtures are a styling no-brainer. Update your lights, put in some good quality dead locks and replace any old sets with fresh, simple hardware.
- Bathroom update
Every potential tenant looks at the bathroom first because they want to make sure it offers privacy and cleanliness. You can make this room more attractive to potential tenants by investing in some new tiles and good quality tapware.
Pouring time and money into a property that you don’t live in often puts people off renovating, but it’s worth it in the long run when you start seeing far better returns on your rental.
Related Tag: House Renovations