1. A Beautiful Front Yard
Potential tenants make up their mind about a property within the first few seconds of looking at it, and that is why you should make sure the outside aesthetic of your home is appealing. Other than painting the doors and mowing the lawn, transforming your outdoor space into a beautiful garden is a great way to increase the rental price of your home. Depending on the size of your outdoor space, you may be able to do this yourself with some simple pots and plants. If you have a big space that needs a lot of work, however, then a professional landscaping company can be worth the initial investment. Once your front yard is complete, you will need to make sure that your garden is properly looked after by including an additional provision in your tenancy agreements. This provision will make it clear exactly who is responsible for the garden during the tenancy. Attractive outdoor space is a big bonus for both rental and sale properties so with just a little effort on your part, you can raise your rental fee quite significantly.
2. The Right Mattresses
Getting the perfect mattresses for your property can really help to secure long-term tenants. Many people will “test” the mattresses when viewing a rental house by sitting on them and checking their springiness. The size of the beds provided is a big thing for many people, with most adults requiring at least a double bed even if they are sleeping alone. Young children may be fine in a single bed, and this will give them more floor space in their bedroom to play. Choosing the correct mattress can be difficult but you can use this size guide at Puffy to get a better idea. Twin or Twin XL size mattresses are usually recommended for children or teen’s bedrooms, while master or shared bedrooms should really have either Queen or King size mattresses. Taking the time out to choose the perfect mattresses will ensure better sleep for happier, comfier tenants, and you will be able to raise the rental price accordingly.
3. Kitchen And Bathroom Appliances
The bathroom and kitchen are two key points for every property that you cannot neglect. This is because they can start to look a bit shabby more quickly than other rooms and refurbishing them can cost more time and money. In fact, these rooms are so important, to attract new tenants who are willing to pay top rent and encourage them to stay, you have to make sure that the kitchen and bathroom are focal points of your home.
You will be amazed by what additional bathroom and kitchen appliances can do to your rental value. Adding a dishwasher, or even something as simple as a coffee maker to your kitchen will really help to improve your tenants’ lives. Likewise, a new shower or heated towel racks will ensure that your property always has satisfied tenants who are more likely to sign long-term. The kitchen and bathroom are rooms that families really need to work for their lifestyles, so if you get them right, you are sure to have a successful rental property.
4. Design a Smart House
In a competitive rental market, you have to be willing to offer something over and above your competition to attract those tenants who don’t mind spending a little bit more. For example, you can turn a run-of-the mill house model into a smart home with a couple of high-tech gadgets, and your property will skyrocket in terms of appeal to high-end tenants. You can start anywhere such as with a smart thermostat or security system, and move on to more luxurious features like voice-activated lighting or HVAC systems. You need to carefully consider the area where you are renting the property, however, because if it is in a low income area, it may be difficult to attract the tenants that will be able to afford your increased rates.
5. Solar Panels
Anything that is going to help reduce your property’s utility bills is going to help you attract tenants so making the switch to solar power is well worth considering. With solar power, your tenants will be able to save some money on their electricity bills which means you will be able to charge higher rental prices. Nowadays, not only are solar systems easy to install, they can also be built specifically for investment properties. You can have the company set up the panels, bill the tenants and transfer the payments to you. If you ever decide to sell the property, solar panels can significantly increase the potential asking price too.
These investments are all great additions that can improve the rental value of your property as they will make your tenants feel more “at home”. Not only will you be able to charge more rent, you will also have a better chance of tenants extending contracts if you provide them with a quality living experience. At the same time, be thoughtful with your investments and consider the market that your property is in. Assess the potential return on investment and make sure that you understand which investments can add the most value. If in doubt, speak to your letting agency, look at the specs of other local rental properties, or even ask tenants what upgrades they would like.
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