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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.
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
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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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