6 Ways to Boost the Rental Yield of your Property
If you have a property you want to let, chances are you know that it can yield you quite a lot. However, don’t take that income as given, because it is not. Renters require a lot more than before, as there is already plenty of choice on the market.
Going out of your way and implementing a few features goes a long way. The tenants that are about to move in and go through the trouble of home removal will be paying extra for some things and it pays to know what you can present to them to spark their interest. Be proactive and show some initiative when it comes to improving your property. There are numerous ideas you can choose from. Here are few projects that will spark the interest of prospective tenants.
Furnish the Place
There is a large group of people who will be paying top money for a furnished property, be it an apartment or a house. These groups include, but are not limited to: divorcees, people moving in from another city or country and short-term renters. These are people who have gone through relocation without the added weight of a ton of personal belongings and so need every extra they can get. A brand new TV set, a fridge and washing machine go a long way and so do enough beds, tables and chairs. Go after modern, contemporary design, not just a style that you like, as you want to appeal to a broad range of tenants.
Introduce Some Extras
Sometimes equipping your property with a washing machine can make all the difference. It is a solid investment according to many experts, as this simple act allows you to up the rent a little and thus make a profit in the long run. Having such extras also means that you can get more attention for your property, which is also very important.
Add a Second Bedroom
Is there a formal dining room or other dead space in your property that could be turned to an extra bedroom? If there is, make use of it. Sure, it is a solid investment, but it is a successful one. Experts agree that such a renovation can provide over 100% returns. A project as simple as adding a stud wall and a door can quickly make people look for a moving company to move in your property. It is also a great project to add value to your property.
Build an Entertaining Area
This is another project that serves as strong bait for tenants. Constructing a simple gazebo goes a long way in adding property value as well as increasing your rental return. Another option is hanging shadecloth to make a sun-free area ideal for summer months. That ought to attract the family portion of the tenant market.
Give Them a Place to Park
If your property comes with a garage or a place to park a car, you can expect very good returns. That is especially important for inner-city areas, where traffic is dense and parking is limited. Sometimes even a shade-sail carport will give you the best money of tenants after their removal.
Make Your Property Pet-friendly
You will be surprised how much people are willing to pay if you allow pets. It is understandable if you are a little concerned, but you can always add a clause in the contract about compensation in case damage from pets occurs.
If you take your time and money to implement such changes to your property, you can be sure that good returns will follow soon after. They are all proven features that tenants like and don’t mind paying extra for. Trust the experts on this one – all properties that have such features are a real hit on the tenant market.
This article is contributed by our friend Heather Roberts
More about Heather:
Heather Roberts is a freelance guest blogger from London, UK. She has great flair for interior design and home decor. Heather is searching for new challenges and hence often moves to different places and also tries to live an eco-friendly life. You can reach her through her Google plus account: https://plus.google.com/113030642518044253016