Leasing your property quickly and to higher quality tenants is one of the best ways to increase the rental value of your home. Some simple aesthetic improvements can help you to achieve this and many of them will cost you very little. Here are some simple ways to increase the rental value of your home.
First impressions count
Think about the exterior of your home and what potential tenants will see when they walk in the front gate. Mow the front lawn, trim the hedges, repaint the postbox and give the front door a new coat of paint too. Some new plants in pots at the front door could help to give a welcoming impression.
When it comes to the home interior, the same applies. An indoor fountain may be exactly what you need as a focal point in the entrance of your home so that this is what people see when they walk in the door. The Soothing Company offers a wide selection of wall fountains and freestanding floor fountains. A new coat of paint can work wonders in any room in the home.
A well-maintained home is more appealing
Prospective tenants will immediately notice whether a home is clean and well maintained. This will indicate to them that you care about it and are likely to respond quickly if they have any problems that need sorting out.
Check that all the appliances are in working order. Make sure plumbing is working and there are no leaks. Do whatever else you need to do, such as getting rid of pests, to make sure tenants are comfortable when they move in and will be more inclined to renew their lease when it’s time to do so.
Find the right tenants
More important than how high you can set your rental is that you can get it in on time and in full every month. This means that you will need to screen prospective tenants carefully. Evicting a tenant who is not paying rent can be a time-consuming and expensive process that seriously affects your cash flow.
Tenants should be able to provide you with proof of income so you can make sure they are able to afford the rent. You can run a credit check to find out whether they can manage their finances and ask for references from previous landlords.
Subdivide units or extend
Subdividing units is a strategy that can work if your property is not the right size to suit the market’s demographic makeup. For example, if you have a 4,000 square foot unit, you could consider splitting it into two 2,000 square foot units. They would probably be easier to rent out because the total monthly cost for each tenant would be much lower.
Another option would be to add on a small extension. For example, if you own a home with two bedrooms in an area where homes with three bedrooms are in demand, adding a bedroom could help you to rent it out for more. The extension would also increase the value of your property.
Decrease your expenses
Another good way to increase your rental income would be to decrease your expenses. There are various expenses involved in renting, such as accounting, advertising, insurance and maintenance.
Maintenance is one area where you could definitely decrease expenses by taking care of as much of it as possible yourself. Maintenance involves many tasks, some of which are easy for anyone to do. Painting walls and doing other tasks like this would mean being able to put more money in your pocket.