If you’re renting out a property then you’ll want to make as much profit as possible. Your yield will depend partly on the going rates for your area and also by how much tenants are willing to pay to rent your property. You can increase your rental value and make your tenants happy by making the right changes to and investments into your rental property.
Make sure your basics are anything but
So many landlords cut corners when it comes to decoration and fittings, so aim a bit higher and use better paints, wallpapers, carpets and furniture than most. Including a modern, efficient and cheap boiler will make a lot of difference too, as will making nay outdoor areas attractive and engaging. Taking the time to make your rental as comfortable and welcoming as possible often results in tenants staying for longer, which means fewer void periods and more yield.
As well as these basics, you should also perform all the inspections you need to on a timely and regular basis and respond to queries and requests as quickly as you can.
Focus on the bathroom and kitchen
The kitchens and bathrooms in most houses, rental or not, get a lot of use and tend to show wear and tear before the other rooms. Keep on top of this by replacing white goods regularly, installing modern fittings and making sure everything is safe, eco-conscious and fully-functioning. Be ready to leap on a failing washing machine, loose window or even the suggestion of mould and your tenants will love you!
If possible, add another bedroom
Having another bedroom could attract a larger family or a larger group of friends, so think about converting your loft or fitting out that unused box-room. You won’t just increase your rental value, but you’ll be raising your resale value too.
Think about niche renters
There are lots of niche tenant groups who often feel left out of the mainstream rental marketplace. Pet owners are a particular set of niche renters and they’ll often be prepared to pay a little extra each month to bring Fido with them. By welcoming their pet, you could also encourage your tenants to stay for significantly longer, and well-behaved dogs and cats don’t usually cause problems.
There’s also a newer niche group – multi-generational tenants. Some families may have an older relative living with them so they’ll appreciate the big loft conversion or the granny annexe you’ve just created for them.
Offer a few extras
If you’re letting out a property in a commuter area, then parking might be at a premium, so turning your front garden into a private driveway might be a major draw for some tenants. On the other hand, if your new tenants are working from home some or all of the time, then super-fast broadband could be the clincher.
