10 ways to increase your rental income
Looking to bolster your rental income? Or perhaps you want to make your rental property stand out a little more from the rest? It may be time to give your investment property a bit of attention.
There is a direct correlation between a property’s appearance and the rental income it is able to produce. Moreover, there is a distinct correlation between a property’s presentation and the tenants it attracts.
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With the right improvements, landlords can significantly increase the rental amount they can charge on their property. For example, a fresh coat of paint could add $30 a week to your rent – or $1,560 per year.
A well-presented property can also appeal to a greater base of potential tenants as well as a higher calibre of tenant, helping you steer clear of any tenant-related problems.
Of course, there is a fine line between improvements which can increase rental income and those which simply leave you over-capitalised, so you’ll need to think carefully before embarking on any extravagant purchases or extensive renovations. For example, base model blinds can be a great addition but lavish velvet curtains are simply excessive.
Several simple but effective improvements which can make a big difference to your rental income include:
1. Replacement of all worn out and tired-looking items such as kitchen and bathroom handles, doors, door handles and blinds
2. New floor coverings
3. A fresh lick of paint - white will always create space
4. New light fittings and extra fittings can really modernise a property and give it a ‘lift’
5. Modern stainless steel appliances – popular with tenants and they create a modern feel
6. Install air conditioning (or even ceiling fans) and dishwasher
7. A yard tidy-up – a well maintained garden and lawn and clean paths can make a big difference to a property’s appea
8. The addition of an internal laundry, perhaps within a linen press if space is limited, or even laundry taps in the bathroom. A property with laundry facilities can secure much better rent than one without
9. Security features such as screen doors or secure front gates
10. Clean! Get out the pressure hose, scrubbing brushers and JIF and erase dust, grime and mould – a good clean can make a world of difference to a property’s feel
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