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When your rental property is between tenants, this can be an excellent time for an assessment of how things stand. The idea of the rental property is to make as much money as possible, therefore earning you a profit after mortgage and other essentials have been paid.
While the style and location of the house are the two major factors in how much rental yield you can make, other factors can help influence a higher profit. Here are a few tips to help add value to your rental property and increase your profit.
Employ a Professional Cleaner
Giving the property a spruce up before starting to seek another tenant is an automatic process but it can be worth considering a professional cleaning service visit the property. By ensuring the house is to the highest standards of cleanliness and showing that this has been done, can make tenants more inclined to pay a slightly higher rent than a property that looks a little shabby and dirty.
Invest In the Key Areas
If you are going to spend money on the property, then consider focusing on the areas that will be the most beneficial - the kitchen and the bathroom. From cracked lino on the floor to chipped tiles, all these areas make the property look below standard.
However, it doesn't cost a fortune to replace the flooring or have some new tiles added and the effect can be significant. Even adding new cupboard doors to the kitchen can refresh the look of the place and make for a big selling point.
Consider Adding Furniture
Some tenants are looking for an unfurnished rent but there is a large number of people who are seeking somewhere to move into instantly without needing to spend a fortune on furniture.
Short term renters such as business people and divorcees who have recently left their family home, are two examples of people willing to pay more money for a furnished property to save themselves the work.
Some sources believe that it can increase rental yields by 5-10% and a percentage of the cost of the furniture can be deducted from tax liability.
Look At Heating & Energy Efficiency
More and more people are conscious of their energy usage, both for the costs involved and for the environmental impact. Therefore, adding solar panels or other renewable ways to generate energy to a property can increase its appeal to tenants and mean they will be happier to pay slightly more each month.
Air conditioning and heating controls up to the very latest standards are also ways to add value to the property.
Explore Storage Options
From sliding wardrobes to well organised walk in cupboards, storage is a key area to any tenant and the more solutions you have for these problems, the more appealing the property will be.
Storage doesn't have to cost a fortune but can make the property more appealing and the tenant willing to pay more rent when they can see a well-organised house where all their belongings will have a place to stay.
For more guidance on how to maintain your rental property or for help with the search for your next investment, contact your local Whitegates office today!
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