It’s the dream of every real estate investor to see their property increase in value. The rental income of a commercial property depends on factors like number of bedrooms, location of the home, size of the property, and the market forces. The attractiveness of your house depends on the general appearance, fixtures, and fittings. A house will always command high rent charges if it’s in good condition. The following are low-cost ideas for improving your rental income.
You can give your house an attractive look by scrubbing the walls and fixtures. Peeling paints and stained walls are huge turn-offs to potential clients – tenants want to live in a place that’s neat and clean. You can start by repainting the outer walls and then the inner walls. The roof is another area that needs to be clean. Employ a professional carpet cleaner if you need to. The window blinds and folds also need to be sparkling clean for you to get a good bargain.
Upgrade Plumbing Fixtures
Old sinks, sprayers, and faucets are some fixtures that can pull your rental income downwards. A huge portion of client interest in a home depends on the condition of bathroom and kitchen appliances. Leaking pipes and cracked appliances are more likely to turn away potential tenants.
Fit new fixtures in harmony with your furniture and modern trends. Adding an extra window in the bathroom can also come with significant value increase to your property.
Make the Property More Secure
Security is an important consideration for every tenant. You need to assure your clients that their possessions will be safe from burglars and thieves. Installing modern security cameras is one of the most effective ways to curb unauthorized entry in your home.
Upgrade security lights that automatically turn on when they detect movement. Repairing and replacing locks is also an important feature for a safe and secure home.
Convince potential clients that all their belongings will fit in your unit. Add simple hooks on areas such as the bathrooms and entryways to signal that there’s plenty of room. Install a closet organizing system to make clothing storage and arrangement easy. You can also install permanent shelves in the garage or add a new outdoor shed to attract clients who enjoy getting their hands dirty but want to keep all their mechanical and outdoor gadgets organized.
Depersonalize the Property
Tenants will shy away from a property that has too much personality, like art on the walls or strong design themes in each room. Clients can picture themselves living somewhere when it looks like a blank slate rather than somewhere with too much personality. Fixtures and fittings should also not indicate cultural or societal beliefs. Focus on home and bedroom products that are not only comfortable, but are also likely to appeal to many customers. Using neutral colors for furniture and wall will also appeal to a wider customer base.
Landlords should evaluate and estimate the returns against the input for an upgrade (upgrades should translate to an increase in rental income). The first step to commanding high rental income is to understand the features of a good real estate investor.