If you’re a landlord, making money from your investment – via both rental income and capital growth – is a key objective. Along with buying the right property in the right area, there are several easy ways to make your rental more attractive to potential tenants while increasing its overall value.
- Repaint and replace floor coverings
We recommend that landlords consider investing in a fresh coat of paint before marketing their properties because it works. If you don’t want to paint the entire property, focus on the view from the street and main living areas. New carpets are another effective way to freshen things up.
- Consider the most suitable ‘upgrades’
Depending on your property, there are a number of small, relatively inexpensive improvements you can make to justify a higher weekly rent and improve the appeal and overall value of your rental. Consider including a gardening contract if your property has a garden; if it’s an apartment, perhaps you could install a split system. For dated kitchens and bathrooms, a new benchtop or a tin of tile paint will change the entire feel of your property.
- Find a great tenant
Finding a tenant who loves your property, takes pride in living in it, and is keen to stay on for many years is a fantastic way to add value. A long-term tenant will have a different mindset to someone who knows they’re only staying for 12 months, and you don’t need to worry about finding a new tenant every year.
At Greg Hocking, we understand the difference between simply collecting rent and working to achieve the best return for landlords. Contact your local office today for more information.