Maximising your rental income is well worth the effort. Sometimes a few tweaks can go a long way and result in much higher rents, so it’s a great idea to look into how you can get the most out of your property.
That’s why we’ve compiled a few top ways to improve your rental income. Have a read to find out what you could do to your rental property to raise your earnings:
Curb Appeal
First impressions count; when someone walks up to your property they don’t want to be put off by the exterior, as the viewing will be tainted from the start.
Make sure that the front of the property is neatly presented. If there is a front garden to the, it’s worth putting in some hard work to get rid of weeds. Another tip is to make sure the windows are clean and the window panes are painted, as this can give the whole property a facelift!
Mass-Market
You might think it’s a brilliant idea to deck out your rental property as if it’s your dream home. However, this is dangerous territory as everyone has different tastes, so the best approach is to stick to neutrals.
Neutral tones will be palatable to far more people than any niche style, however nice you think it is. Furthermore, simplistic decoration will appear as a blank canvas for viewers, allowing them to more easily visualise their furniture in the space.
A Lick of Paint
Freshening up those darkened magnolia walls with a new lick of paint can transform your rental property. Painting the walls of your property has been reported to be one of the cheapest ways to raise rental income, so why not give it a go?
Another advantage of repainting your property is it allows you to check up on its condition. A property which is easy to heat, has no damp or condensation issues, and is clean, are basics which should always be addressed and maintained.
Upgrade Kitchens and Bathrooms
A tired and out-of-date kitchen and bathroom can drastically alter how much people are willing to pay for a property. Giving these spaces an upgrade can persuade tenants to stay longer, and when it’s back on the market can also help in reducing the time that the property stays empty, which id another key area where income is frequently lost.
Appliances
This one is crucial; making sure that quality appliances are installed in your rental property is essential for cutting down costs in the long term. You don’t want to keep having to spend money on new washing machines, dishwashers, ovens, and fridges that continually break as they are the cheapest option on the market. This doesn’t mean you need to buy the most expensive product you can find (unless your property is in the luxury market), as just making sure they are durable is essential to saving money in the long term.
If you’d like to more information about landlords, read our article about the benefits of becoming a landlord.
For more information about rental accommodation, tenants, profit, where to start, initial expenses and property management visit our landlords’ page, call our Rushden office on 01933 418 917, our Wellingborough office on 01933 224 953, or use our online enquiry form to start your journey with Simpson and Weekley today.