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6 Ways To Increase Rental

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Increasing the rental income of your investment property is a key priority for smart property investors and it isn’t as difficult or as expensive as you may believe.

Here are some simple but effective improvements which can make a big difference to your rental income:

1. Street appeal

First impressions count in life, and this is especially true for rental properties. If your investment property is a house with a front garden, spend some time tidying up the garden beds, remove any weeds, clean the paths, paint the fence and clean the windows.

If you own an apartment, perhaps add window boxes, clean the front door or give it a fresh coat of paint and add a new front door mat to make the place more welcoming. A good first impression sets renters up for liking the property and wanting to pay more for a place that’s been well looked after.

2. Refresh the bathroom

People are prepared to pay more to live in a clean house with a clean bathroom. However, this does not mean you need to spend a fortune on re-doing the bathroom.

If your tiles are outdated, stained or tired, you do not need to re-tile the bathroom or start again. Simply paint over them with tile paint and give the bathroom a fresh new look for a fraction of the price.

Also, replace any old shower curtains, shower heads, and fixtures, scrub away any mould and if need be, put in a new vanity. These are relatively cheap fixes yet they make a huge difference to the presentation of the bathroom, creating a more clean and modern space for renters to fall in love with.

3. Kitchen makeover

The kitchen is the heart of the home and like bathrooms, renters are happy to pay more for a home with a good kitchen. Despite common misconceptions, kitchen renovations don’t have to break the bank, a fresh coat of paint can work wonders towards creating a better kitchen.

Swapping cabinet doors can give your kitchen a whole new look. If entirely new doors are outside your budget, you can make a huge difference by simply replacing the handles of your cupboards and drawers.

Renters, like buyers, appreciate nice appliances, so if yours are looking a bit tired perhaps consider replacing the dishwasher, oven or fridge. As these appliances aren’t commonplace, renters will pay more to have them.

4. Add off street parking

A car space can be a huge bonus, especially if your rental is in a high-density living area such as the inner city or in a beachside suburb. In fact, the closer your place is to the city, the more value the parking space will add to your property.

Adding a carport or even creating a driveway is something that tenants will pay more for, because they would much rather live in a property where parking isn’t a daily struggle compared to the alternative.

5. Consider new living spaces

The more bedrooms, the higher the rent.

Does the layout of your property allow for an additional bedroom? Perhaps your place has a separate dining room or some ‘dead space’ that could be converted into another bedroom, or perhaps an extra-large room that could be split in two. Adding an additional bedroom allows investors to charge higher rent.

While appliances are highly desirable amongst tenants, so are designated laundries. Having a space where a machine and dryer can be used and then hidden away is a huge advantage among renters, and they don’t mind paying more for the convenience. Creating an internal laundry doesn’t necessarily have to mean more expense. Instead, it’s about making use of dead spaces in order to optimise space.

6. Add storage

Tenants love storage, and easy and cheap additions like wardrobes in bedrooms will increase the appeal and rental value. Tenants want to be able to picture themselves living in a space, and if they can’t see enough room for their belongings it can be a turn-off.

There are many budget-friendly places such as Ikea and Bunnings, that offer a range of storage solutions that won’t break the bank but will be enticing to renters.


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