6 Creative Ways to Add Value to Your Rental Property
Renting out one of your properties is a good way to generate extra income. To increase your rental returns, you should first maximise the value of your property—but how? Let me count the ways.
1. Make it spacious.
Homes with wide and open plan living spaces are favoured by buyers and renters alike. It might seem straightforward—you just need to tear down a wall after all—but you should make sure that you’re getting it right. First, consult a professional to check which walls bear the structural load and which don’t before you go knocking down walls—you might end up buying a whole new roof, too!
Pro tip: Tear down the division between the kitchen and living or dining room for a more open and homely feel.
2. Show your home in the best light.
And I don’t just mean its rooms and features, but also the lighting, literally. Lighting your rental property well is crucial to its appeal—it sets the mood and shows your home’s assets.
Before you replace all your light bulbs, consider how much natural light gets in. You might find that you just need to trim some branches and wash windows to give your home a new ambience. But if it’s not enough, then look into replacing your lights. You can replace your former bulbs with energy-efficient ones—just remember to look for lights with high lumens, rather than watts. Then proceed to your switches, clean or replace as necessary.
Revamp your home by doing small but significant changes around the house:
A fresh coat of paint on walls and ceilings does wonders. Try sticking to neutral colours to appeal to potential tenants.
Add more dimension to your home by updating your floors. You can polish your original floors or replace them with other materials such as vinyl or tile.
Replace bathroom fixtures and give bathroom tiles a new life with tile resurfacing or enamel paint.
The kitchen is the heart of the home—it’s imperative that it is in its best shape! Repaint cupboard doors, replace door handles and replace bench tops with new laminate for a fresher look.
4. Make tenants feel safe.
One of the top priorities of tenants in looking for a home is safety. It’s important that your rental property has safety systems in place so that potential tenants can see that they will have ease of mind when they rent your home. You can install deadlocks, fly screens, or a security system.
5. Dishwasher? Dishwasher.
Installing a dishwasher is good to add value to your property—tenants will appreciate having this efficient appliance in their newly rented home. By raising the rent by $5 to $10 a week, you can cover the cost of the dishwasher in just 2 years, given that a dishwasher typically lasts up to 10 years.
6. Create an outdoor space.
Aussies love summers and chatting with mates over BBQ and drinks after a long week of work. Because of this, renters consider renting properties with an outdoor area more and more.
Start by installing retractable roofing or awning, then add some furniture and cushions that can endure the outdoors. Even though it might be on the more expensive side, it can boost your rental returns.
Show your rental property some more love—not only will it bring more value, but also bring better tenants. If you need more advice, don’t hesitate to drop a line in my social media accounts.