Just as a house requiring renovation generally costs less to purchase, a property in a state of disrepair often has a lower rental price. So it stands to reason that one of the easiest ways to increase rental yield is by renovation. Many landlords fear the cost of a property makeover, but there are a plenty of ways to renovate on a budget.
Tenants always want well maintained rental properties, so here are some cost effective ways to attracts tenants and increase rental income.
One of the most important factors for you as the landlord, as well as a prospective tenant, is knowing that the property is safe and secure. Check that the locks on windows are in working order, ensure the front door is secure and add chains or deadbolt locks, install external motion sensor lights, add for an alarm system, or opt for an intercom system.
Adding extra security measures will provide priceless peace of mind for the occupants. It will also help you achieve a better night’s sleep if your house is vacant.
While you can blow your budget installing a new kitchen, but purchasing new appliances can make a huge difference. Simply replace an old oven or a tired fridge, or for a luxurious touch, install a dishwasher.
Tip: If you think the kitchen is in need of a makeover, paint unit doors, lay new flooring, or replace the countertops to transform the room.
Storage is always an important factor, especially if you own a small property. In a studio apartment, for example, one room functions as the kitchen, bedroom and living area, so using the space wisely is particularly important. Consider building a bedroom mezzanine, a clever loft bed, or a foldaway bed, to create extra living space. You could also use bookshelves to divide the space, which will add function and create separate spaces, as well as increase storage.
Improve Curb Appeal
The exterior of your home is a potential tenant’s first impression. Even if the inside of your property is magnificent, a negative first impression can be hard to overcome. Luckily, there are many ways to add curb appeal, whether your property is a large family home in the suburbs, or a flat in purpose built block. Check paint work, add lighting, tidy and remove rubbish.
If your property has external space, then show off this asset with pot plants, a mown lawn, or a clean swept driveway. Or if you own an apartment, vacuum the landing, plug in an air freshener and add a door mat to make the entrance inviting.
While you can lay new carpets and give your property a coat of paint, try these renovation ideas to increase your rental yield.