Securing a strong yield in rental income is the strategy of many property investors.
Strengthening this further doesn’t always have to rely on market conditions improving. Here are some tips:
Replace Appliances – replacing the tired old oven or stove or adding a new dishwasher always adds to the appeal of a property.
Adding security – ensuring that doors and windows have good key locks, and even adding a security alarm provides peace of mind and sense of wellbeing and safety. Renters can also receive a discount on their renter contents insurance if the dwelling has better security. This just adds to its appeal.
Refreshing the Property – adding a new coat of paint to the walls and woodwork, replacing tired or damaged flooring or making other improvements can increase the appeal of the home and can also increase its demand and rental asking price. Don’t forget your tax depreciation benefits when renovating. Speak with your accountant on this one.
Add Storage Space – Renters love storage space, especially when they don’t need to bring it. Installing built-in robes and cupboards that use space in a smart way and adding shelves in bedrooms or in the garage will make the home more attractive. Is there space under a staircase that can become storage space? Be creative!
Bullet-Proof the Garden – let’s face it, renters in general don’t like gardening. Therefore, a low-to-no maintenance garden will be attractive. Can the small lawn area be replaced by synthetic turf? Can gravel, stones or other landscaping material that looks attractive replace lawns and gardens? Can the watering systems be automated? Renters really do value convenience.
Street Appeal – prospective renters do judge a book by its cover so it makes sense to make sure that the cover looks great. Do the letterbox or fences need new paint or even replacing? Does the garden need a facelift? This doesn’t have to cost a lot to look great!