Increasing the appeal of your rental property
The number one priority for any investment property owner is to quickly secure a good tenant. A good tenant will look after your investment, as well as pay rentals on time. Whether you own a rental property or a holiday home your ultimate goal should be to maximize revenue on a consistent basis. But with so many other properties available for rent at any time, competition is stiff. This guide on increasing the appeal of your rental property will help you make your property stand out and allow you to earn a higher rental return. You have to start by determining the type of tenants you are targeting. This is because each demographic has its own specific preferences and needs. Here are some tips for attracting better tenants and ultimately enhancing rental returns.
To start with, ensure that all appliances in your rental property are sparkling and in excellent working condition. Keep in mind that small investments into repairs and upkeep tasks undertaken now will save you money in the long-term. As such, make a detailed inventory of all your appliances and make sure that they are all clean and working well. Carry out repairs or replacements as necessary. Pay particular attention to everything from stovetops to dishwashers to ensure they are ready for new tenants.
Window furnishings are one of the most effective ways to dramatically and instantly give your rental property a facelift. Use your window treatments to appeal to your ideal tenant segment. Moreover, ensure that your new window treatments are in line with the rest of the home’s theme and style. If your curtains or blinds are still in good condition, make sure to clean them thoroughly.
Dirty walls make a house look uncared for and quite unkempt. This is a sure way to put off prospective tenants and build a negative reputation. A fresh coat of paint is a relatively inexpensive way to give your walls a new lease of life. Clean and spotless walls show potential tenants that the property is well cared for and maintained. Keep in mind that the right wall color will make small rooms appear larger.
Kitchens are an excellent way to attract and secure tenants. It is vital that you consult with a reputable contractor and real estate agent to ensure that you focus on upgrades that have a high return on investment. Just a few touch-ups are bound to inject some life into your kitchen. Changing your flooring, cupboards, countertops, and kitchen sink will make a huge impression on tenants.
An outdated bathroom is a big no, especially if you are seeking to attract executive or good tenants. Do not give prospective tenants a chance to walk away from your property. As such, give your bathroom a boost and makeover. Some of the simple things you should focus on include replacing outdated faucets and changing floor and wall tiles. Bathrooms are susceptible to mold and therefore you should consider getting your bathroom professionally cleaned.
Ensure that all fixtures are neat and working as they should. From your light switches to your doorknobs, make sure your fixtures are in good condition and are easy to use.