Securing a strong yield in rental income is the main aim for of many property investors, and bolstering it further doesn’t always mean waiting until market conditions get better. Now that majority of the tenancies have been locked in over the winter months, here are some tips from the feedback I get from prospective tenants, which could help increase the rent when a review is next due:
Ensuring that doors and windows have good key locks, and even adding a security alarm provides peace of mind and a sense of wellbeing and safety. Tenants can also receive a discount on their contents insurance if their home has good security.
Refreshing the Interior
Adding a new coat of paint to the walls and woodwork; replacing tired or damaged flooring; or making other improvements will normally increase the appeal of the home – meaning that you can attract a better quality of tenant who often will pay more to live there.
Replace old appliances
Kitchens and bathrooms sell homes. So too with rentals. Replacing the tired old oven, or adding a new dishwasher always adds to the appeal of a property.
Bullet-proof the garden
Let’s face it, tenants, in general, don’t like gardening, so a low-to-no maintenance garden will be attractive. Can the lawn area be replaced by synthetic turf? Can stones or gravel replace lawns and gardens? Can the watering systems be automated? Tenants value convenience
We do live inside, but prospective tenants do judge a book by its cover - so it makes sense to make sure that the cover looks great. Do the letterbox or fences need new paint or even replacing? Does the garden need a face-lift? This doesn’t have to cost a lot to look great!
Add Storage Space
People hoard stuff more than they care to admit, and tenants love well-designed storage space. Installing built-in robes and cupboards that use space in a smart way and adding shelves in bedrooms or in the garage will make the home more attractive. Is there space under a staircase that can become storage space? Be creative!
I continue to hear from tenants that they are struggling to find quality rental accommodation in Christchurch, especially in the suburbs closer to the CBD. There has been a lot of new housing stock introduced in the last few years which has increased tenants expectations to a certain standard. Please do contact us if you want to chat about how we could help improve your rental income. 0800 22 38 88