The purpose of investing in property is to make money, and you can increase your income by adding value to the property over time. This will allow charging more rent, and if you want to sell in the future, you will get a much higher sale price.
There are a few things you can do to increase the value of your property that will attract better tenants and allow you to charge more rent.
Kitchen and bathrooms
Kitchens and bathrooms sell houses (whether you are looking for a tenant or a buyer, you are ‘selling’). That’s a fact. Everyone wants a gorgeous, practical bathroom and kitchen. If you can only afford to update these rooms, you’ll still attract the right tenants. Add a lick of paint and replace the taps if your budget is tight.
More storage options
The most common issue most renters have is that there is never enough storage. Resolve this issue for them by building a garden shed, turning the carport into a garage or including thoughtful wardrobe storage. Get creative and convert the unused area under the stairs into fantastic storage. Look for inspiration Pinterest to find endless ways to deal with storage.
Neutral colours appeal to more people
When updating your rental, replace carpets and curtains with neutral colours. If you’re tempted to include a bright feature wall, you’ll reduce the number of people who want to rent it if it doesn’ got with their belongings.
Gardens and Backyard
A beautiful garden, with excellent fencing, will go a long way in attracting tenants. It broadens the appeal of who will be interested. A fully fenced property is ideal for professional couples or a family with small children or a dog. If you can add a fence to your property, it will be worth your while.
Outdoor patio or deck
Everyone loves to relax outside, so having a patio or deck that naturally flows from the inside will make tenants happy. The house will look a lot bigger when you have open homes, and your prospective tenants can visualise themselves entertaining their friends and family.
Those are some fundamental changes that you can make that should add value to your property. What other ideas do you have that will appeal to potential tenants?