There are excellent ways to increase the value and marketability of your rental property and maybe even find that ideal tenant.
It doesn’t even need to cost you much and doesn’t matter where your property is located, what the local market is like, or the average rent. With just a few simple changes, even a rental property lacking freshness can be improved.
Here are ways to improve the performance of a rental property and increase its overall value in a cost-effective approach.
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Offer something extra:
It doesn’t matter if your property is suitable for students, single couples, or families; if you offer your tenants a small something extra, they’ll be happy and more than ready to pay that little bit more.
Something extra could be as simple as providing internet access. The goal is to decide who your dream tenants are and determine what will be best appealing to them.
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Improve energy efficiency:
Increasing the energy efficiency of your rental property can go a long way than just cutting down your monthly utility bill. It can also improve the value of your property.
By using some simple, energy-focused upgrades such as energy-efficient light bulbs and shower fixtures, additional insulation, or it may even be new windows, you can make a huge difference in boosting the value of your property.
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Furnishing:
A fully furnished property might not be everyone’s taste; however, for students, tenants from overseas, a couple in search of their first home, or divorcees, a fully furnished property that comes ready to move in might be exactly what they’re searching for.
An added advantage to this is that, so far, your property is not a holiday let; you can claim tax relief on any expenses you incur on the disposal and replacement of any appliances, furnishings, and kitchenware.
You can as well claim costs on repairs to the property, general maintenance, and costs of services, like cleaners and gardeners. There is much insight into your tax obligation as a landlord and what expenses you claim on the government website.
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Pay attention to the location:
There is a reason location is a real estate cliche, though it’s not something that can be changed after it’s done. You’re either in a hot spot, or you’re not.
This does not mean even the most undesirable, and isolated rental properties don’t have their beauty. Try making a list of nearby activities, amenities, and destinations, and add it to your rental description.
Or consider what alternative transportation choices, like bike share and rental scooters, would mean for your rental location. It might not be situated as far away from the hot spots as you imagined.
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Ensure the property is appealing:
Regardless of which tenant you’re looking to attract, making sure your rental property is in good shape after a previous rental and given a brush of paint can go a long way.
Given the options between a moody, damp-smelling rental and one that’s clean and bright with a fresh smell, any tenant searching for somewhere to call home would choose the latter.
When you’re spicing up your property, it’s essential to remember that designing the rooms to suit your taste may not be the ideal option. However, maintaining a neutral color scheme that will appeal to most tastes will attract more people.
Less expensive fixes like neat landscaping and fresh flowers can improve an older rental and make it look appealing as the new build down the block.
Read more: Ways to make your rental property more appealing
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Make it affordable:
With so many millennials saddled with student loan debt and other commitments, landlords offering affordable rental options without cutting down on quality will be sought-after.
People looking for their first job to those considering relocation will start their home searches based on how affordable it is.
The fact that we live in a golden age for landlords is correct; however, not all rental properties are alike.
Luckily, with just a few simple tweaks, any rental property can be improved to modern standards to attract today’s tenants, and it might not cost as much as you imagined.