Ways to increase rental return 28/09/2021
With the right improvements you could add value to your property which would attract higher rent or fetch a higher yield when you plan to sell the home. When you own your own home, renovations are about creativity. But when you own a rental property, you need think about what’s practical rather than imposing your own personal tastes.
Here are some simple but effective improvements which can make a difference to your rental income:
Kitchen – the kitchen is the heart of the home, renters are happy to pay more for a home with a good kitchen. Kitchen renovations don’t need to be extravagant and can be easily budgeted for. Repainting or replacing your cupboard doors and handles, and swapping out your old tapware, can quickly boost the appeal of the space.
Refresh the bathroom – after the kitchen, a bathroom renovation is a tried and tested way to add value to your rental. Get your bathroom waterproofed, heated and well ventilated. Some relatively cheap fixes include, replacing any old shower curtains, shower heads, and fixtures, scrub away any mould and if need be, put in a new vanity.
Add a bedroom – Does the layout of your property allow for an additional bedroom? Adding an extra bedroom to your rental can attract a lot more people than previously before.
Off – street parking and/or garaging – A car space can be a huge bonus, adding a carport or having access to a garage is something that tenants will pay more for.
Heating – a warm property is going to attract many tenants. If you install a heat pump in your home, you are bound to differentiate your home and attract tenants that are willing to pay more for this convenience.
With the right improvements you could add value to your property which would attract higher rent or fetch a higher yield when you plan to sell the home. When you own your own home, renovations are about creativity. But when you own a rental property, you need think about what’s practical rather than imposing your own personal tastes.
Here are some simple but effective improvements which can make a difference to your rental income:
Kitchen – the kitchen is the heart of the home, renters are happy to pay more for a home with a good kitchen. Kitchen renovations don’t need to be extravagant and can be easily budgeted for. Repainting or replacing your cupboard doors and handles, and swapping out your old tapware, can quickly boost the appeal of the space.
Refresh the bathroom – after the kitchen, a bathroom renovation is a tried and tested way to add value to your rental. Get your bathroom waterproofed, heated and well ventilated. Some relatively cheap fixes include, replacing any old shower curtains, shower heads, and fixtures, scrub away any mould and if need be, put in a new vanity.
Add a bedroom – Does the layout of your property allow for an additional bedroom? Adding an extra bedroom to your rental can attract a lot more people than previously before.
Off – street parking and/or garaging – A car space can be a huge bonus, adding a carport or having access to a garage is something that tenants will pay more for.
Heating – a warm property is going to attract many tenants. If you install a heat pump in your home, you are bound to differentiate your home and attract tenants that are willing to pay more for this convenience.