TOP WAYS TO BOOST YOUR RENTAL INCOME
Securing a strong yield in rental income is the strategy of many property investors. Strengthening this further doesn’t always have to wait until market conditions get better. Here are some tips:
1. Adding security- ensuring that doors and windows have good key locks, and even adding a security alarm provides peace of mind and sense of wellbeing and safety. Tenants can also receive a discount on their tenant contents insurance if the dwelling has better security. This just adds to its appeal.
2. Refreshing the Property- adding a new coat of paint to the walls and woodwork, replacing tired or damaged flooring or making other improvement can increase the appeal of the home and can also increase its demand and rental asking price. Don’t forget your tax depreciation benefits when renovating. Speak with your accountant on this one.
3. Replace Appliances- replacing the tired old oven or adding a new dishwasher always adds to the appeal of a property.
4. Bullet-Proof the Garden- let’s face it, tenants in general don’t like gardening. Therefore, a low-to-no maintenance garden will be attractive. Can the lawn area be replaced by synthetic turf? Can stones or gravel replace lawns and gardens? Can the watering systems be automated? Tenants value convenience.
5. Street Appeal- prospective tenants do judge a book by its cover so it makes sense to make sure that the cover looks great. Do the letterbox or fences need new paint or even replacing? Does the garden need a face lift? This doesn’t have to cost a lot to look great!
6. Add Storage Space- tenants love storage space, especially when they don’t need to bring it with them. Installing built-in robes and cupboards that use space in a smart way and adding shelves in bedrooms or in the garage will make the home more attractive. Is there space under a staircase that can become storage space? Be creative!