Top Tips for Increasing the Rental Value of Your Property
Blog | Property | Top Tips for Increasing the Rental Value of Your Property
When it comes to earning more money on a rental property, people often make the mistake of thinking that very little can be done to increase the value of a home without first knocking down walls, building extensions and making a significant financial sacrifice. However this is most certainly not the case. By taking heed of a few simple tips and tricks, it’s possible to significantly raise the value of your rental property, resulting in an improved living space for your tenants and enabling you to charge a higher rent.
Get Painting and Decorating
A timeless interior design trick that never fails to succeed, a fresh lick of paint is the DIY failsafe that can instantly transform a living space with next to no effort. Whether it’s modernising an apartment, adding a splash of colour to a dingy spare bedroom, or covering up the marks and scrapes of a much used house, a splash of paint and a few wallpaper coverings can transform any room into an upmarket living space.
Tend to the Garden
Whether your rental property is a big city apartment, a small starter home in the suburbs or a large family townhouse, greenery and gardens are the ultimate desirable home feature. With many people willing to pay extra to have an outdoor space, it’s certainly worth investing in making sure that your garden, terrace or even balcony are kept clean, tidy and well looked after. By taking the time and effort to maintain an outdoor area, you will be able to increase the value of your property and raise the monthly rent.
Focus on the Kitchen and the Bathroom
Renowned amongst property investors for being the most important rooms within the home, the kitchen and the bathroom are what both buyers and renters historically prioritise when considering a property. If a property has a poorly equipped kitchen or a dirty bathroom, members of the public are likely to downgrade it and will be far less willing to pay an increased rate for it. By investing in maintaining these areas, as well as equipping them with modern technology and appliances, you could see a massive increase in the amount people are willing to pay in rent for your property.
Keep on Top of Repairs
One of the key things you as a landlord can do to increase the rental value of your property is to keep on top of all repairs and damages. By ensuring that all scuffs, marks, loose floorboards and other faults are fixed and in place, the value of your home can drastically increase. By keeping an eye on the property throughout the year you can quickly respond to any damages, ensuring that your home is always in tip top condition.
Add Storage Space
With families, couples and individuals all concerned with interior storage, it makes sense to install a range of space saving options that accommodate an extensive number of belongings and possessions. By taking the time to buy and install built-in wardrobes, under bed storage and even coat racks, you’ll be ensuring that your rental property is appealing to the masses.
Invest in Modern Luxurious Touches
From extravagant holidays, to designer accessories, everyone wants a little touch of luxury in their lives, and this is by no means any different within the property world. With people willing to splash the cash on extra decadent features, it’s well worth your time investing in one or two unique selling points for your rental property. Whether it’s a surround sound system, an outdoor decking area, or a jacuzzi bath, installing one or two luxury features within your home can drastically boost the value of your property and drive up the rental cost.
If you’re looking to rent out a property you own, then why not contact one of our friendly professional team today for more information on how we can help you make the most out of your property. We also offer property management services taking care of everything for you.