Tips to Increase Your Rental Returns
There are several ways you can increase your rental returns without costly renovations.
Here some cost effective tips to assist improve demand and rent for your investment property.
Demonstrate your expectations
Just as when you sell a home, presentation is important during open home inspections to attract the right tenant. If you want to attract a tenant who will value the property, it makes sense to demonstrate your expectations. Clean windows, swept garden paths, removal of cobwebs and a slick of fresh paint will go a long way to securing the right tenant at the right price and one who will value your property as you do.
Show them the light
A well lit home feels fresher, cleaner and inviting so create as much natural light as possible and select light, neutral paint colours for the walls. Install additional lighting if necessary - down lights are recommended as an effective method of modernising a property.
If your property is carpeted you will likely need to replace it every few years. New carpet will make a big difference to the appeal of your property and increase the demand from renters. Another option is to look at installing floating floorboards which modernise and usually look nicer for much longer.
All the trimmings
In some markets there may be opportunity to furnish the property and see some significant increases in rents. Generally inner city properties see better results from this approach however talk to your real estate agent to get a better understand of demand in your area.
Not too hot, not too cold but just right
Consider installing an air conditioner with heating functionality. They can be costly to install but heating and cooling can make a real difference to some people way up if the increase in rent will make the installation and maintenance worth the investment.
Give some extras
There are some 'nice to have' items that tenant can see as real bonus items. Some examples include:
- Installing a dishwasher
- Offering a wireless internet connection
- Add a retractable clothes line to a unit
- Bathroom fans or heating lights
Help them feel safe
By installing security screens on your doors and windows you can increase the sense of security and appeal of your property.
Create a space for play
If your property is located in an area popular with young families then ensure your outdoor space reflects that. Keep the bushes and trees trimmed back (or remove them if necessary) so that there is plenty of space for kids. If it is an area generally more popular with singles and couples an entertainment deck will be more appealing.