When it comes to increasing the rental value of a property, many landlords make the mistake of thinking they need to knock down walls, build extensions or make structural changes. Even worse, many also believe that it depends solely on the area the property is in. Fortunately, this isn’t the case. There are several simple tricks you can use to improve the quality of a property and thus, increase the rental value of your investment.
Focus on the kitchen and bathroom
While not always the focus of marketing, veteran property investors understand that renters generally prioritise an aesthetically pleasing or well laid out bathroom and kitchen. If a property has a small kitchen, a dirty bathroom or there’s broken elements in either, they’ll generally be less likely to pay for it.
A great way to improve the rental value of a property is to ensure each room is clean, well-maintained and doesn’t have any broken appliances or fixtures. If possible, equip them with modern appliances or technology. This relatively small investment can vastly improve the quality of life for a tenant and thus, increase the amount they’re willing to pay.
Increase storage space
Storage is a concern for every renter, not just families or couples. This is why it’s always a good idea to install as many storage options as possible – whether that’s underbed storage, fitted wardrobes or clever solutions you wouldn’t expect such as storage boxes or shelving being added to cupboards or other nooks and crannies.
At the same time, have a deep clean and tidy up! Prospective tenants will be going off first impressions which is why it’s so important to show them bright, airy spaces. This is not only immediately more appealing but also gives them an idea of how they could make the space their own.
Redecorate rooms based on your rental demographic
It’s always a good idea to ensure your property appeals to your ideal rental demographic. For example, if the property has several bedrooms and you’re renting to a couple, you may turn one of those into a walk-in wardrobe or an office. While it requires you to consider what people want, having this variety of rooms naturally encourages higher rental income.
Whichever way you opt to go, ensure that each room looks high-quality. You don’t want a dingy space with ripped wallpaper or a bad paint job – take the time to touch up each room in between tenants.
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.
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.
Another example of modern touches you may want to invest in include utilities such as modern fibre-optic broadband, remote property control (for heating etc) or even security systems such as video doorbells. These all show that you’re invested in the tenant’s quality of life and can lead to higher income.
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.
