Dealing with rental properties, just like any other business, requires some investment, as well as a few bold moves on your part. However, to maximize your rental income, you’ll need to create a unique selling proposition that will make you stand out from the crowd if you want to make sure that you have tenants – and, of course, money – rolling in.
To achieve that, you’ll need to inspect your properties and identify whether there is room for improvement. With the help of just a few well-placed renovation projects and some smart decoration, you’ll be able to boost your rental income in no time. To find out more on how you can achieve that, please read on.
Be Practical
When renovating your rental property, you need to understand that functional and practical renovations are always welcome – aesthetic renovations, not so much. What this means is that you should not make any structural changes to the property just because you personally don’t like a particular element, since you will not be the one who will be living in that house. To your tenants, your property is only a temporary solution and you, yourself should also treat it as such. Therefore, make only the changes that will boost the usability and practicality of the space.
Offer a Vision
Upon property inspection, tenants are likely to try and imagine themselves living there. Now, if your property is empty, i.e. no furniture, carpets or appliances, the potential tenant will have difficulties picturing themselves inhabiting the property. Therefore, make sure you furnish all of your properties to boost the homey vibe. The furniture you decide to go for doesn’t have to be top quality. It just needs to be clean, functional and decent-looking. Also, it’s always best to go with neutral pieces which your tenants can later “upgrade” with colorful details, such as throw pillows, table covers and interesting artwork.
Show Special Care to Kitchen and Bathroom
The kitchen and the bathroom are the two rooms you need to show some love. These two rooms, if furnished and decorated properly, will be the wow factor in your rental property. Therefore, first, make sure you install energy efficient appliances – these will not only reduce your property’s carbon footprint, but they will also attract potential tenants more easily, as lower energy usage means lower bills. For the bathroom, you can allow yourself to splurge a bit and install a luxurious swim spa. This will instantly make your property more attractive to potential tenants because everyone loves to relax after a long day, but not everyone gets a chance to do it with so much style.
Clean and Repair Before Replacing
Another important advice if you’re aiming to maximize your income is to always try to clean and repair before you decide to replace something. It’s understandable that you wish to get the new tenants in as soon as possible. However, getting rid of the old carpet and installing a new one, for example, lasts insignificantly shorter than cleaning the existing one, but is much pricier. The same goes for the kitchen cabinets, wardrobes and lighting fixtures. Finally, unless your previous tenants were heavy smokers, there’s no need to repaint the walls before the new tenants move in.
Breathe New Life Into it – But Do it Smart
To freshen up your property, there’s really no need to do a general overhaul. Cleaning it thoroughly after every turnover and upgrading just some details will be more than enough. Therefore, hire a professional cleaning service to help you out and make the entire process faster, and replace small, worn-out fixtures like drawer and cabinet handles with the new ones wherever necessary. These small upgrades won’t cost you much, but they will work wonders in terms of making your property look brand new. Applying a fresh coat of paint every five or so years is also recommended.
Take Care of the Indoor Air Quality
Installing a good air conditioning and filtration system can instantly make your property more desirable, thus bringing more tenants your way. It’s no surprise that people find properties with a good HVAC system more appealing as the indoor air usually contains more pollutants and allergens than the air outdoors. The cheapest way to go would be to install an air-conditioning unit that also features the heating option, and again try to go with the greenest alternative.
So, to recap, by implementing simple yet functional solutions in your rental properties, you’ll make them more appealing to potential tenants, and if you do it smart, the return on investment will be significant. Therefore, follow some (or all) of these tips when the time for renovating your property comes and enjoy the additional income boost they are bound to bring your way.
Author Bio: Cooper Klein is an entrepreneur with a degree in Marketing, based in Sydney. He’s interested in business and home decor. In order to spend more time with his family, Cooper decided to take a break, and he’s currently working from home as a blogger and a business consultant.
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