The most astute investors understand the need to search for and implement ways to improve the returns they make on their rental properties. Naturally, properties that are well-presented attract a high quality of tenant or justify rent increases. However, as home security experts (such as Stylewise Security ) know, home safety and security matters and can help to bring increased rental returns. Increased rental returns thereby increase your equity.
What do you plan to do?
Before any renovations intended to improve rental returns begin, it is important to remember that in order to achieve higher rental returns, the improvements you make should increase functionality, provide features that are useful and convenient, and be done with fixtures and finishes that are easy to maintain.
Know what Tenants Want
As you set about planning your renovations, be clear about your targeted rental market, so that you can suitably adapt your property to suit families, couples, students or even retirees. Knowing who you want to rent your property and the type of tenant that will be drawn to it definitely matters. Keep in mind that a second bathroom will probably be more appealing to a family than high end, sophisticated bench tops in the kitchen.
Home safety and security is an important consideration for all types of tenants. Homes that offer robust security features will appeal to tenants and provide them with the reassurance that, while living in your property, they and their belongings will be well protected.
A perennial challenge for many renters is the search for properties with adequate storage. If you have areas within your property that can be converted to storage areas, including spaces under stairs, renovating them to increase storage space may be worthwhile. Built-in wardrobes are almost invariably an appreciated feature of a rental property, too.
Heating and Cooling
If you wish to charge a higher rent, energy efficient heating and cooling can help to justify the increase. While almost all people appreciate effective heating and cooling systems, rising energy costs mean that tenants also value energy and cost-efficient heating and cooling systems. Systems that are dated and lack energy efficiency make it very difficult to reconcile an increased rental price.
If your rental property has a garden, it’s important to ensure that it is clean, clear and well-maintained if you want to increase the rent. By investing in some landscaping and some healthy plants, a positive impression will be created for renters. Of course, it is also important to use plants that involve low-cost and minimal effort in terms of ongoing maintenance.
A Splash of Paint
Many property owners realise that a fresh coat of paint can improve a property dramatically and a coat of paint is a relatively inexpensive way to increase a property’s appeal. A coat of paint can also improve interior and exterior spaces that seem dated, marked and generally run-down, while simultaneously increasing property value.
To increase financial returns on your rental property, it really is necessary to consider the property through the eyes of your existing or potential tenants. The improvements you make to your property need to be the sorts of improvements that matter to tenant – only then will they see the value they get from an increased rental price.
This is a professional post