Suzana Wade,. The principal of Locate Property says the key to maximising rental value is all about the little things. Even a small improvement can lead to significant increases in rent prices and rental value. In this blog post, we will share 5 ways to improve your home that will help you get the highest possible return so that, in time, you can increase the rental price of your property!
Take a look at improving your landscaping
A beautiful home will have a higher rental value, meaning you can charge more rent. Ranging from simple solutions, such as trimming trees, creating a pond, or planting flowers, to more complex solutions, such as installing a pool, there are many ways you can improve your landscaping to add significant value without breaking the bank.
Keep your walls freshly painted
Some rental properties will require tenants to paint the interior themselves. If you’re not into letting your property go without a fresh coat of paint, or if you don’t want to risk having the walls repainted by someone else and costing yourself money in the long run, it might be worth considering painting rooms before it’s time to search for a new tenant. This is one of the best bang-for-buck investments Suzana recommends. Renovating with paint can completely transform the property.
Renovate your bathrooms and bedrooms
Freshen up your rental property by renovating bathrooms and bedrooms. This can range from simple upgrades, such as a new tub or shower head, to more complex updates, like installing a water-saving toilet or replacing an old carpet with hardwood flooring. Bringing in an external expert like Hire A Hubby with a set budget can work but we always recommend you design the plan and budget first before calling anyone out.
Increase the number of living spaces or bathrooms
Adding a second bathroom or an extra bedroom can turn your Rental Property into an investment where you have the potential for even more tenants on the same lease. In addition to that, creating more bedrooms will allow you to accommodate larger families looking for Rental Properties with plenty of room!
Make the property pet friendly
Pets are a rental property’s best friend. Pet-friendly homes can considerably increase the attractiveness of your home to potential tenants. Over 65% of tenants are animal owners so opening up your investment property to pets, you’re opening up your chances of a higher rental return and making it available to a larger target audience