6 home improving tips to raise rental income guide, Property profit advice, Hope money tips
6 Home Improving Tips to Increase Your Rental Income
10 June 2021
Do you want to get the most out of your rental property without busting your bank? If your answer is ‘Yes,’ you’ve come to the right place! With so much competition for well-maintained rental properties, it has become increasingly tough for landlords to get the right tenants. That is why if you wish to ask for a higher rent, you have to offer something more than just a clean house because people expect value against the amount of money they pay for.
You have to give them the appeal, the presentation, the outlook, and of course the interior that can influence them to pay the asking rent. This is where home improvement comes to the rescue, renovations and quick fixes you can fetch a higher price/rent for your asset.
Home presentation matters in real estate and if you want those extra bucks in your monthly rent, then take a look at the following budget-friendly home improvement tips:
6 Home Improving Tips to Raise Rental Income
- Remodel the Bathroom
A well-developed bathroom with all the necessary amenities can develop a significant influence on your prospective renter’s opinion. No matter how lavish the bedrooms or the living space is the whole deal will go down the drain if the tenants don’t like the bathrooms.
Keep in mind that bathroom renovations are expensive, so don’t take up anything major unless it is unavoidable. Do some cheap fixtures like removing old shower heads, re-tiling the bathroom if they are outdated or stained, upgrade sinks, and put in a new vanity.
However, be careful of the hot water facility, especially if you are renting your house in the winter season. It is best to get the boiler repaired if the radiators are not functioning well. Those living in Northwich– England, can hire local plumbers to get the job done at their earliest. If you don’t know any, you can always search for a local plumbing company via Google. Just type ‘emergency boiler repair Northwich‘ to get the top results. Make sure to research well before hiring one.
- Work on the exterior
The exterior of the house is the first thing potential tenants come across, so it’s important to make it as appealing as possible. Luckily, there are a few cheap improvements you can do to land good first impression:
- Beautify the yard: Make sure that the yard is properly maintained. You can make it look more attractive by adding a small garden with low-maintenance shrubs and flowers along with planting new grass. You can even hire help for regular lawn mowing and shoveling leaves and twigs.
- Enhance the view: If your house is located at a scenic location, make sure you maximize the view. Trim the branches or any tall trees that may block the view. Also, elevate the curb appeal by painting a fence and the exterior of the house.
- Renovate the Kitchen
No one is going to pay you higher rent for a run-down kitchen. Since renovating the kitchen would be costly, you should invest your money where it’s worth it. Focus on renewing the cabinetry through deep cleaning and fresh paint instead of installing new ones. Next, you should pay a little attention to the kitchen layout and make sure it’s easier to move around without bumping into things. Also, you should complete the newly renovated look through inexpensive touches such as adding a backsplash, fixing drawer pulls and knobs, and replacing cupboard handles.
If you’ve got enough budget, you can invest in new granite countertops or any other material that is scratch-resistant and durable. If you want the tenants to appreciate your renovating efforts and pay more, consider replacing outdated appliances such as a dishwasher, built-in stove, etc.
- Think about fixtures and fittings
If there is anything that tenants hate is having to do the repairs and keep up with property maintenance other than the mandatory ones. If you don’t look out for your property and raise the fixtures game to a new level, then you can say goodbye to the higher rental income. Therefore, improve the general appearance and value of your property by doing simple fixes and fittings such as:
- Replacing door knobs
- Repair broken fence
- Install new blinds and window coverings
- Fix leaky faucets and dimmed lightings
- Fix damages related to electricity, plumbing, and HVAC
Tenants will happily pay for the comfort you provide, even if the rent exceeds their budget since not many people have enough time to handle the maintenance-related task. Moreover, investing in small fixes beforehand will save you from costly future damages and will improve your property’s reputation.
- Throw in popular amenities
To fetch a higher rent, you have to give tenants what they think is adding ‘value’ to their lifestyle. If you want your property to stand out and raise the rent on your terms, then try adding the following much-in-demand amenities:
- Add an extra room or make more space for storage
- Offer central air conditioning
- Add a washer and dryer in-unit
- Make a high-end outdoor living area with a balcony or a patio
- Offer covered parking spots or a driveway
- Place a dishwasher for added convenience
- Add fencing and other safety features
- Make it pet-friendly
Understandably, no pet owner wants to take up a place that doesn’t allow pets. More specifically, pet owners prefer to pay for a property that offers a separate and safe space for their furry friends. That is why it is best to make your house pet-friendly by creating a dog mudroom or storage cabins. You can score extra points by adding a designated outdoor space for the pets along with an additional spot to keep pet’s waste bags. This would help you keep your space free from odor.
Perhaps, by making these simple improvements, you cannot only access a wider pool of tenants but also charge pet-owners extra for all the pet amenities.
Do you think that a potential tenant will agree to a high rent if the wallpapers in the house are scraping off and the bathroom faucets are broken? Heck no! That is why you have to up your game and make some serious yet budget-friendly home improvements to rope in prospective tenants.
You’d be surprised to know how small fixes such as a fresh paint job, new window covers, a maintained yard, and renovated kitchen can do the trick of influencing your tenant to pay the asked rent. Tenants love a property that requires little to no maintenance and raises their living standards.
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