You don’t have to undertake a costly full-scale renovation to increase the rental yield of your investment property. In fact, making just a few small quality-of-life improvements can ensure you attract top-quality tenants willing to meet your rental demands.
To help you boost your income, we’ve highlighted some of the easiest and most effective upgrades that are bound to impress prospective tenants. Check out these tips to ensure your rental property provides the most benefit possible for you and its occupants.
Freshen up outdoor spaces
Whether your rental property is a four-bedroom house or a single-bed apartment, making sure outdoor spaces are primed for your tenants’ enjoyment will significantly enhance your bottom line. So, where should you begin?
If your property has a garden, clear up any dead plants, remove weeds and mow the lawn, then add some resilient species that’ll look great throughout the year. For homes with just a balcony, sweep away leaves and debris before giving the windows a vigorous wipe-down.
Renew the bathroom
Giving your rental property’s bathroom a makeover is the ideal way to increase your income. With tenants likely inspecting several properties, those with broken tiles, mouldy shower screens and outdated sinks will undoubtedly leave a negative impression.
However, the simple addition of a bright, modern mirror alongside a fresh coat of paint for the tiles can instantly level up your home’s appearance for a relatively minor cost. A refreshed bathroom is a surefire way to attract higher-paying applicants.
Replace the carpet
Like a bathroom with dirty and cracked titles, properties featuring tired and stained carpets will see many potential tenants look elsewhere. At the very least, ensure your carpets receive a solid steam clean after your previous tenants have moved out.
If the condition of your carpets is truly taking away from your home’s potential, it might be wise to consider replacing them or even utilising the floorboards below if possible. This will give your space a contemporary feel where people relish their time at home.
Enhance the kitchen
As you might expect, kitchens greatly appeal to people who love to make the most of their pots and pans. While an extensive kitchen renovation is expensive, a new set of cupboard doors or a sparkling benchtop can be an affordable improvement.
Modern living is all about convenience, so perhaps a new dishwasher or oven will increase the applicants keen to rent your property. Consider your budget and prioritise the most serious problem areas to ensure you boost your rental income for the lowest cost.
Speak to the experts
Get in touch with the experts at InStyle Property Management to get up-to-date information about the property market. Our highly experienced team can help landlords and tenants make the best move for their future.