How To Increase The Rental Value Of Your Property?
Renting out a property isn’t that easy. Not at least if you’re looking for maximum returns. After all, not every prospective tenant would match your expectations. Some offers would be too meager to even consider. And there’s a good chance, in this process, your apartment or bungalow would remain tenant-less for a long period, adding more hurt to your portfolio.
If you’re in the same position, looking for a good tenant who would pay you enough monthly rent to cover your mortgage and still leave you with sufficient income, there are a few things you can do. Foremost, make efforts to increase the rental value of your property. Here’s how to do it:
1. Furnish It Entirely
A house that’s ready to move-in is always appealing in the real estate market. So, don’t list an empty, unfurnished room. Furnish it. Clean it. Paint the wall to make it look new-like. Install better lighting. Invest in good looking furniture. Get other essentials like AC, refrigerator, kitchen utensils and more. Furnishing the house would definitely come with a cost. However, it would also increase its rental value by many times.
2. Learn A Thing Or Two About Staging
It’s one of the secret tricks of best real estate investing agents. They can sell even the worst property by properly staging it. So, take your time to properly position your furniture that makes the place look clean, spacious and beautiful. Hang some wall paintings. Be careful of the lights; install them at the right places so to cover every corner. The better lit the place is, the more attractive will it look. A good staging of your house would make the right impression among prospects, improving the chances of closings.
3. Fix The Flooring
There are a few things that, if done right, can significantly add more value to the space. The right-quality lights are one of those things. Flooring is another one. If it isn’t clean and properly installed, re-do the flooring. Make sure it complements the rest of the interior. A big expense certainly! But it can totally enhance the entire house, making it look more appealing and posh, which will directly increase its rental value.
4. Improve The Front And Backyard
This is for the bungalows. While the right front can make the best first impression, a good backyard could be a deal closer. So, take some time in fixing your front and backyard. Keep it very clean. Have enough plantation. Install enough lights. In the front, have a proper paveway blocks. In the backyard, install some outdoor furniture.
5. Realize It’s Not Worth It…
This could very well be the case. Maybe the property isn’t really worth the rental value that you’re looking for. The sooner you realize this, the better. If this is the case, it’s essential that you act promptly in a way that best fits your portfolio and long-term goals. Selling is usually a better option; you can then channel that sum in other (and better) property. If you want to sell it, find the best realestate investments company and work along with them to find you a good buyer.
After selling, the next time, be more cautious, thoughtful and calculative. Take your time to find the best real estate to invest in. To that, don’t just stick to apartments and bungalows. Also, invest in commercial property that’s worth high in rental value.
These are 5 tips to increase the rental value of your property.
Recommended Read : Investing In Rental Properties – And The Easy Life As A Landlord