As the rent values fall, you may want to increase the profitability of your property to help boost your monthly income. Here are some smart ways to get more from your rental.
A new paint job and clean-up – A fresh coat of paint, can brighten a home and make your place look maintained. Look at painting your property by yourself or with the help of friends to reduce costs even further.
Upgraded kitchens and bathrooms – The kitchen and the bathroom are two of the rooms that tenants will look at first. Consider cleaning and painting your kitchen cupboards and adding new fixtures to your bathrooms to add value to your property.
Add an ensuite – Ensuites are important for professional couples who want a well-organized closet space. Look at adding a simple ensuite to enhance and attract a wealthier tenant.
Build an extra room – Research properties in the market in your area and note down what they are offering. If most of the properties are three bedroom homes, you may want to consider adding another room by subdividing a larger space.
Offer ‘added extras’ – Adding extras like appliances, décor, and security may mean that you attract a tenant who is wealthier and willing to pay more for special extras.
Start your research on what tenant’s in your area are looking at by looking at what rental properties are available in the market. You could even visit a few rentals that you think matches the criteria you are offering.