As a landlord, investments into your property will have been expensive. It, therefore, makes sense to maximise your assets in order to increase your rental property income. Below are several easy ways you can increase the value of your property to create benefits for both you and your tenants.
Refurbishment and Redecoration
Upgrading the kitchen and bathrooms creates huge potential for increasing income. Modern, sleek and neutral-in-colour kitchens are highly desirable. If you cannot afford to change cabinets and appliances, simply re-painting your kitchen and bathrooms in neutral shades can increase the value of your rental, and furthermore its property income. Before you start a new tenancy, all rooms should be repainted. Removing signs of wear and tear in a property can help to maximise potential income.
Professionally cleaning the whole house can help to increase rental income, due to its more attractive and clean qualities. All surfaces, with special attention to the kitchen and bathrooms, should be included. Professionally cleaning carpets, or even replacing dirty or damaged ones, will add value to the property. If your property is furnished, replacing items such as mattress protectors and cleaning mattresses between tenancies can give it a refresh. If professional services do not fall under your budget, hiring equipment such as carpet cleaners from your local supermarket, is a much cheaper alternative.
If you have a higher budget, look to create an extension on your property. Extra bedrooms, an office, or turning the living area into an open-plan space can help add value to the property. Converting space in the property such as lofts or basements is a brilliant way to utilise all possible space in the property. Unique conversions can also make your property’s value increase. The more practical rooms your property has, the more money you can acquire from rent.
Make sure the garden is weed-free and looks attractive. Add grass or a patio that can be used for living and leisure space outside. Green space is important for tenants to destress, and relax and is also a safe place for children to play. A garden is viewed as an extension of the living space and therefore adds value. Make sure all outside areas, including the front of the property, are clean and tidy. When a tenancy starts, there should not be any broken things that can decrease the attractiveness and moreover, the value. Gates and fences should also be intact; as well as looking more attractive, they can increase the element of privacy.
Storage is an appealing feature to potential tenants. Adding built-in wardrobes with sleek sliding doors, or putting shelving units in under stairs cupboards can allow for more effective use of space.
Efficiency Energy Efficient properties are increasing in demand, especially during the cost-of-living crisis. Switching regular lightbulbs for LED lights, installing smart devices, solar panels and double glazing, draft proofing, buying energy-efficient appliances, and insulating your property properly can help to make it much more energy efficient. See How to Make Your Home More Desirable – Energy Efficiency for more ways to increase energy efficiency.
Security and Privacy
Consider installing security and privacy software in your property. Cameras, ring-door bells, and security alarms are simple, yet effective, ways to make tenants feel safer in their homes. Updating door locks, and maintaining gates and fences can also add to the feeling of security.
Review the mortgage on your property yearly by considering the type (variable or fixed), and examining the property market, can help you decide if you need to adjust the monthly tenancy of your property. If your property is unfurnished, consider switching to a furnished property. You can increase your tenancy amount on a furnished property, quickly making your money back on the purchases, and the extra will then be profit.
Accepting tenants with pets will appeal to a wider range of customers. You can increase your tenancy to cover wear and tear from animals being allowed in the house, although this will likely be very minimal.
Your relationship with your tenant
A happy and fair relationship with your tenant can go hand in hand with a long, trouble-free arrangement leading to fewer gaps between tenancies and reducing potential loss of revenue while looking for a new tenant.
Keeping on top of any maintenance, being realistic with rent reviews and appreciating and respecting your tenant’s privacy all contribute toward a hassle-free experience between all parties.
Finally, catering to your tenant’s needs and lifestyle is a great way to increase your rental property income. Between you and your tenants, you can get a better understanding of what they desire in their home and offer any refurbishments that are beneficial to you both.